Rouble and Stocks Steady as Global Eyes Turn to U.S.-Russia Talks

The Russian rouble remained near the 80 mark against the dollar on Tuesday, while Russian stocks steadied, following a period of strong gains. This comes as investors eagerly anticipate developments from this week's talks between Moscow and Washington, which may lead to a possible ceasefire in Ukraine.

As of 0758 GMT, the rouble had decreased by 0.4% to 79.80 per dollar, according to data from LSEG on over-the-counter quotes, and saw similar losses against the Chinese yuan, a major traded currency. Promsvyazbank analyst Bogdan Zvarich noted that geopolitical dynamics are providing some support to the rouble, although this is being counteracted by weaknesses in energy markets and a demand for foreign currency from importers.

Oil prices, with Brent crude oil standing as a benchmark for Russian exports, increased by 0.4%, reaching $66.87 per barrel. Analyst Zvarich commented that some traders might prefer to adopt a cautious stance in the foreign exchange market due to impending negotiations between Russia and the United States, potentially leading to diminished trading activity and volatility. Meanwhile, Russia's MOEX index fell slightly by 0.3% to 2,956 points, after peaking at over three-month highs earlier in the week.

(With inputs from agencies.)