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As Russian and US officials begin talks in Saudi Arabia, the Russian rouble gains strength

As Russian and US officials begin talks in Saudi Arabia, the Russian rouble gains strength

The Russian rouble gained strength on Monday, as U.S. officials and Russian officials held talks in Saudi Arabia to make progress in a ceasefire for Ukraine.

On the OTC market, by 0930 GMT the rouble had gained 1% and was trading at 83.60 USD. The rouble suffered a slight correction against the dollar last week. It lost about 4% in just two days. However, it has gained over 26% so far this year.

Since the beginning of the year, the rouble has rallied on the back of expectations that a peaceful settlement would be reached in Ukraine as well as a easing of tensions with the United States.

The rouble is also supported by the high interest rates, which were held in place last Friday by the central bank.

The rouble, which is the most commonly traded currency in Russia, was up 0.5% to 11.41 at the Moscow Stock Exchange.

This week, we are prepared for a possible new wave of strengthening the rouble. Denis Popov, from PSB Bank, said that another positive round of geopolitical information is possible by Tuesday. (Reporting and editing by Gleb Brynski)

(source: Reuters)