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Ruble Gains on Cease-Fire in Ukraine

June 24, 2014 at 12:31 by Vladimir Vyun

Some Russian ruble banknotesThe Russian ruble advanced today as a cease-fire agreement between the government and separatists in Ukraine led to hopes that the geopolitical crisis in Eastern Europe will be resolved.

Rebels in Eastern parts of Ukraine agreed to halt fighting with Ukrainian military after the truce announced by President Petro Poroshenko three days ago. The news led to hopes that the political crisis, in which Russia is also involved, may come to an end soon. The ruble also gained as Russian companies were buying the currency to pay mineral extraction and profit taxes this week.

USD/RUB went down from 34.0917 to 33.7949 as of 12:30 GMT today after reaching the daily high of 34.2700.

If you have any questions, comments, or opinions regarding the Russian Ruble, feel free to post them using the commentary form below.

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