Ruble Surges to Two-Year Peak
(MENAFN) The Russian ruble has surged to its highest value in two years against the US dollar, driven by diminishing geopolitical friction and a revival of optimism surrounding a peaceful resolution to the Ukraine crisis.
On Thursday, the ruble hit a level of 78.9 per dollar, marking its most robust position since May 2023. Since the beginning of March, it has appreciated by approximately 11 percent.
Having displayed steady growth over several months, the ruble has emerged as the top-performing currency among developing markets in 2025, according to Alina Poptsova, an equity specialist at Alfa-Capital, as reported by a business outlet.
“The market is being driven in part by emotions linked to signs of a potential normalization in ties with the US and a dialogue with Ukraine on a political settlement,” stated Natalia Pyrieva, lead analyst at Tsifra Broker.
Her remarks reflect how investor sentiment is increasingly influenced by political developments and hopes for stabilization.
Experts also highlight that the ruble’s rally is being aided by a rise in foreign currency conversions by exporters in anticipation of tax and dividend obligations.
Simultaneously, a reduction in demand from importers has helped strengthen the currency.
There are also reports that traders are anticipating the re-entry of international firms into Russia and a possible relaxation of sanctions.
“Investors are likely pricing in not just progress on diplomacy, but also a potential rollback of infrastructure-related sanctions, a return of foreign capital, and improved FX liquidity – factors that increase the ruble’s appeal,” explained Yuri Kravchenko, head of banking and money market analysis at Veles Capital.
He also pointed to “favorable geopolitical expectations” as a critical source of support for the ruble in recent times.
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