Russian Rouble hits 10-Month High amid Oil Price Surge
The Russian rouble strengthened past 81 to the US dollar, supported by rising oil prices, reaching its highest level since June 28, 2024.
At 0900 GMT the rouble was up 1.5 per cent 80.90 to the US currency in thin trade ahead of the Orthodox Easter holiday. The price for oil, Russia’s main commodity, rose by 3 per cent on April 17.
The Russian currency is up by over 40 per cent against the dollar since the start of the year, mainly on expectation of easing of tensions between Russia and the United States.
The rouble has ignored the statement by US Secretary of State Marco Rubio, that President Donald Trump will walk away from trying to broker a Russia-Ukraine peace deal within days unless there are clear signs that a deal can be done.
Against the Chinese yuan, which is used by Russia’s central bank for its foreign exchange interventions and is currently the most traded foreign currency in Russia, the rouble was up 0.1 per cent to 11.08 on the Moscow Stock Exchange.
Source: Reuters
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