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The Russian ruble has surged to its highest level in two years as Russia and Ukraine engage in direct talks about the war for the first time in years. The ruble reached 80.46 per dollar, a level last seen in May 2023.
The ruble has been on an upward trend this year, partly due to Donald Trump's presidency and his approach to Russia. Trump has also expressed a desire to find a solution to the war in Ukraine, which Russia started with a large-scale invasion in 2022. Earlier this year, one dollar was worth 113 rubles.
Beyond geopolitics, the Bank of Russia noted a decrease in domestic demand for foreign currency, contributing to the ruble's rise. The exchange rate calculation has become more complex since the Moscow Exchange was sanctioned by the U.S., forcing the central bank to rely on interbank transactions.
High interest rates and stable export revenues have further supported the ruble's strength. The central bank has maintained a record-high key rate to curb inflation.
