Ruble hits 6-month high thanks to rapprochement between Russia and America

The Russian ruble rose to its highest level against the US dollar and the euro since August 2024, due to the accelerated steps towards rapprochement between the United States and Russia, which revived Russian hopes for lifting US sanctions on Moscow.

The ruble continued its rise that began in the middle of this month after the phone call made by US President Donald Trump to his Russian counterpart Vladimir Putin, after the Russian currency was exposed to weakness and fluctuations, especially due to the impact of the severe Western sanctions during the past three years due to the Russian-Ukrainian war.

The price of the dollar set by the Central Bank of Russia on Friday reached 88.51 rubles, and the price of one euro reached 92.48 rubles, according to the French news agency “Agence France-Presse”.

The exchange rate in Russia is not considered administratively determined, but the prices issued by the Central Bank reflect market activity.

Russian markets are expecting good news regarding economic relations between Russia and the United States at the economic level, according to observers, which comes in conjunction with bleak expectations for the growth of the Russian economy during the current year, and Moscow’s exposure to large costs due to the war with Ukraine.