Russian Ruble Hits Two-Year Peak
(MENAFN) The Russian ruble climbed to its highest point in two years against the US dollar during Thursday's foreign exchange trading, driven by optimistic geopolitical signals and advantageous trends in global oil markets, experts said.
This rise reflects months of steady strengthening for the Russian currency.
By Thursday afternoon, the ruble traded below 78 per dollar—its most robust performance since mid-May 2023.
Analysts attributed this boost to a combination of political developments and market dynamics.
Yevgeny Loktyukhov from Promsvyazbank informed a business publication that Russia's release of a peace memorandum and the upward trend in oil prices were key factors behind the ruble’s momentum.
Russian Foreign Minister Sergey Lavrov suggested organizing the following round of Ukraine peace talks in Istanbul on June 2.
At the same time, United States Leader Donald Trump reaffirmed that he would not implement "anti-Russian sanctions" and voiced optimism about resolving the ongoing conflict.
Brent crude oil, which serves as the international yardstick for Russia’s leading export product, rose by 1.2 percent, reaching USD65.68 a barrel.
Loktyukhov noted that the favorable political climate and positive oil pricing environment are expected to counterbalance the typical end-of-month decline in foreign currency availability that follows tax deadlines.
Energy exporters in Russia commonly convert their overseas earnings into rubles at month’s end to fulfill domestic financial responsibilities, which generally reinforces the local currency.
Further bolstering the ruble’s value is the abundance of foreign exchange resources in the market and diminished interest in acquiring foreign currency, according to Natalia Pyryeva, the chief analyst at investment company Tsifra Broker.
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