Russian Ruble Hits Two-Year High Against US Dollar
The Russian ruble has surged to its strongest level against the US dollar in two years, fueled by reduced geopolitical tensions and optimism over potential progress in resolving the Ukraine war, according to a report by webangah News Agency.
On Thursday, the ruble strengthened to 78.9 per dollar—its highest rate since mid-May 2023. The currency has gained approximately 11% since early March.
Alina Paptsova, an equity market analyst at Alfa Capital, noted that the ruble—which has been on an upward trajectory for months—has become the top-performing currency among emerging markets since early 2025.
“The market is partly reacting to sentiment around potential normalization of relations with the US and diplomatic talks with Ukraine toward a political solution,” said Natalia Piriva, senior analyst at Sifra Broker.
Analysts attribute the rally to increased foreign currency sales by exporters ahead of tax and dividend payments, coupled with weaker demand from importers. Market participants are also speculating about the return of foreign companies to Russia and possible sanctions relief.
“Investors are likely banking not just on diplomatic progress but also on potential rollbacks of infrastructure sanctions, returning foreign capital, and improved FX liquidity—all factors boosting the ruble’s appeal,” said Yuri Kravchenko, head of banking and financial market research at Veles Capital. he cited ”positive geopolitical expectations” as a key driver behind recent gains.
Some experts predict further upside for the ruble if favorable conditions persist, potentially reaching 75 against the dollar this month. However, they caution that this trend may be short-lived without concrete developments.
The latest EU and UK sanctions announced this week are unlikely to considerably impact Russia’s currency, analysts added.
