MOSCOW: The rouble saw a tentative bounce in both Moscow and international FX markets on Thursday after the first formal talks between Russia and Ukraine’s foreign ministers, even though the meeting made no progress on a ceasefire.

At 1350 GMT, the rouble had risen to just over 116 per dollar from an earlier all-time low of 121 on the Moscow Exchange used by major Russian banks. Stock markets there remain shut.

Against the euro it climbed to 121 per euro from as low as 132.4,, while in internatinoal markets such as London where trading is now ringfenced, it was showing at 116 to the dollar and 133 to the euro.

The rouble “opened a bit higher and has held there,” TD Securities’ Head of Emerging Markets Strategy Cristian Maggio said. “But I don’t think we have seen any change in trend.”

“I believe we are set for a long conflict here, which is negative for all assets.”