RUB/USD: Russian ruble in relief rally on risk sentiment
- Russian ruble rebounds from all-time low in relief rally
- Peace talks improve sense of risk
- Improved risk appetite drives gold and oil prices down
- New draft law in Russia aims to nationalize ownership of foreign companies
- US inflation data to follow
The exchange rate of the Russian ruble against the US dollar (RUB/USD) was on Wednesday down -5.56% to 0.00729. As of this writing, one ruble is buying US$0.00840, up +6.77% from yesterday, rebounding from an all-time low on improving risk sentiment.
Risk sentiment is improving in global markets after Ukrainian President Zelensky appeared to agree on concessions that could end the ongoing conflict with Russia. Turkey is due to host today, March 10, the fourth round of peace talks between Russia and Ukraine.
Gold, a precious metal, and crude oil also fell on improving risk appetite.
The dollar index, which measures the strength of the greenback against a basket of major currencies, erased all weekly gains and settled -1.09% at 98.00.
White House spokeswoman Jen Psaki warned of high inflation amid the “energy crisis” fueled by the Russia-Ukraine conflict. The latest official consumer inflation readings are due later in the day during the North American trading session.
US consumer inflation data is expected to accelerate to an annualized rate of 7.9% in February, from an increase of 7.5% in January.
The month-over-month reading is expected to rise 0.8% from 0.6% in January.