The Russian rouble continued to rise, recording its highest levels against the dollar and the euro since August 2024, amid improving relations between Moscow and Washington, which raised Russian hopes for the possibility of easing US sanctions.
The Russian currency has been on an upward trend since mid-February, after US President Donald Trump called his Russian counterpart Vladimir Putin on February 12, in a move that sparked optimism in Russian financial markets.
The rouble has suffered sharp fluctuations and noticeable weakness over the past three years, as a result of the tightening Western sanctions imposed on Moscow after the start of the conflict in Ukraine.
On Friday, the Russian Central Bank set the official exchange rate at:
88.51 roubles to the dollar.
92.48 roubles to the euro.
Although the exchange rate in Russia is not fixed, the central bank’s data reflects financial market trends, as it showed a significant improvement in the value of the ruble.
Observers believe that Russian markets are betting on improving economic relations with Washington, especially with the bleak expectations for Russian economic growth in 2025, as the country faces huge costs as a result of the conflict in Ukraine.
In this context, Washington confirmed, following the meeting of US Secretary of State Marco Rubio with his Russian counterpart Sergei Lavrov on Tuesday in Riyadh, that the meeting contributed to "laying the foundations for historic economic and investment opportunities" that may result from ending the war in Ukraine.
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