Rouble Surges as Trump and Putin Discuss Ukraine Peace

The Russian rouble and stocks surged following a conversation between Donald Trump and Vladimir Putin about ending the Ukraine conflict. The rouble strengthened significantly against the dollar, with Moscow stocks experiencing substantial gains, despite Western sanctions limiting foreign investor purchases on the Moscow Exchange.

The Russian rouble and stock indexes experienced a dramatic surge following a key conversation between U.S. President Donald Trump and Russian President Vladimir Putin. The dialogue centered on potential resolutions to the ongoing Ukraine crisis.

At 0745 GMT, the rouble reached a high of 90.90 against the dollar, marking its strongest point since September 2024. This uptick marks a 3% jump on the day and a 20% increase since the year's start. Meanwhile, the Moscow Exchange index saw significant gains, climbing 5.8% on Wednesday and an additional 4.2% on Thursday.

Companies like Gazprom, Sberbank, and Novatek led the rally as investors saw potential for de-escalated geopolitical tensions. Despite Western sanctions, which have restricted foreign investments on the Moscow Exchange, trading has shifted primarily to the over-the-counter market, with China's yuan emerging as a popular currency.

(With inputs from agencies.)