The Russian ruble reached 88 to the U.S. dollar on Tuesday, the highest point it’s been in more than a month.
The ruble rose up 2% against the dollar at 88.00, the strongest it’s been since Feb. 28, Reuters reported.
The recent high comes as the Russian stock market gradually reopens from a monthlong suspension.
RUSSIAN STOCK EXCHANGE RESUMES TRADING WITH RESTRICTIONS A MONTH INTO WAR
Russia recently mandated that gas export payments and exporting firms convert 80% of their foreign currency earnings into rubles, which is contributing to the rise, ITI Capital Chief Investment Strategist Iskander Lutsko told the outlet.
“The market now really depends on progress in negotiations between Russia and Ukraine,” Lutsko said.
Representatives for Ukraine and Russia are set to meet face-to-face Tuesday in Istanbul as peace talks continue.
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The Russian market has been rebounding as it deals with the blowback caused by Western sanctions targeting the country’s economy that followed suit of Russia invading Ukraine on Feb. 24.
