Rouble Strengthens Amid Sanctions Relief Hopes

The Russian rouble showed signs of strengthening against the U.S. dollar, driven by hopes of potential U.S. sanctions relief. Reports of President Trump's efforts to restore ties with Moscow and halt the Ukraine conflict fueled a positive reaction in Russian stock markets, despite fluctuating oil prices affecting the rouble-yuan exchange rate.

The Russian rouble advanced towards 89 against the U.S. dollar on Tuesday, reversing losses from four consecutive sessions. This movement comes as financial markets place emphasis on the possibility of U.S. sanctions relief for Russia.

President Donald Trump is reportedly devising a plan to ease sanctions, in an effort to mend relations with Moscow and address the ongoing conflict in Ukraine. A source familiar with the developments informed Reuters of these talks.

In response to these reports, Russian stock markets experienced a boost. By 0908 GMT, the rouble appreciated by 0.4% to 89.30 against the dollar in over-the-counter trading. Nevertheless, the rouble weakened against the yuan due to declining oil prices. Brent crude, a critical export for Russia, dropped 1.3% to $70.55 a barrel after OPEC+ confirmed an April oil output increase.

(With inputs from agencies.)