Russias ruble strengthened to its highest level in more than 8 months against the U.S.
dollar on Monday, buoyed by hopes that upcoming talks in between U.S.
President Donald Trump and Russian President Vladimir Putin might lead to advance on ending the war in Ukraine and a warming of relations in between Washington and Moscow.By midday in Moscow, the ruble had acquired 1.16% to trade at 84.5 per dollar, according to identify forex market information released by Reuters.Russia halted trading in dollars and euros on the Moscow Exchange (MOEX) in June 2024 in reaction to U.S.
sanctions.
RussiasCentral Bank now identifies the main ruble currency exchange rate currently set at 85.57 per dollar based on interbank transactions.The ruble last reached 85 per dollar on June 27 and July 25 of last year.
After hitting its weakest level given that the Ukraine invasion in November, the currency has rebounded since January, acquiring roughly 16% against the dollar.Analysts anticipate continued volatility, with 2025 currency exchange rate forecasts varying from 80 to 100 rubles per dollar, depending on external factors.Experts pointed out by the Vedomosti service paper on Monday predicted a short-term rise to 83.5 per dollar before damaging to 100 per dollar later on this year.Our new long-lasting reality is 90+ [rubles per dollar], Yevgeny Kogan, an economics teacher at Moscows Higher School of Economics (HSE), wrote on Telegram.Before Russias full-blown invasion of Ukraine, the ruble traded at around 75-80 per dollar.