Ruble recovers somewhat – high risks in the short term

Frankfurt The Russian ruble temporarily rose to its highest level in almost a month against the US dollar and euro on Tuesday. The meeting between Russian President Vladimir Putin and his French counterpart Emmanuel Macron fueled hopes of an easing in the conflict between Russia and Ukraine.

The conflict has been weighing on the exchange rate of the Russian currency for months. Since the end of October, it has lost around 6 percent against the euro and almost 8 percent against the US dollar.

Forex experts continue to see high risks in the short term. In the current environment, a weaker ruble can hardly come as a surprise, says Stefan Grothaus, currency analyst at DZ Bank. He considers it remarkable that he “didn’t react with much stronger deductions”.