Rouble hits 2-yr high on peace hopes

By Aya El Sayed On May 29, 2025

A customer hands over Russian rouble banknotes and coins to a vendor at a market in Omsk, Russia, February 18, 2022. Credit : REUTERS/Alexey Malgavko

The Russian rouble surged on Thursday, hitting 78, its strongest level in two years, buoyed by Moscow’s proposal for fresh peace talks with Kyiv and rising oil prices.

By 0843 GMT, the rouble was up 1.3 per cent against the dollar at 78.80, after earlier touching 77.95 – its firmest level since May 2023, according to Reuters, citing LSEG data.

The currency has gained over 40 per cent this year, driven by easing geopolitical tensions – particularly with the United States – and the central bank’s tight monetary stance.

Analysts said a completed draft peace memorandum and higher Brent crude prices, which rose 1.2 per cent to $65.68 a barrel, also supported sentiment.

Moscow proposed June 2 as the date for the next round of direct negotiations with Ukraine in Istanbul. Kyiv has yet to respond.

The rouble also strengthened 1 per cent against the Chinese yuan, trading at 10.90 on the Moscow Exchange.

Attribution: Reuters, Amwal Al Ghad English