USD/RUB pierces off 100.00 to extend pullback from record top as Russia-Ukraine peace talks loom


  • USD/RUB takes offers to print the second consecutive daily losses.
  • Diplomats from Kyiv-Moscow eye Thursday’s talks to propose ceasefire.
  • Russia slapped 30% duty on FX purchase by individuals, key rating agencies downgrade Moscow.
  • Fed’s Powell, US data and geopolitics are the key catalysts.

USD/RUB remains on the back foot around $98.00, per Reuters, as traders brace for Thursday’s European session. In doing so, the Russian ruble (RUB) pair stretches the previous day’s U-turn from record top.

The reason could be linked to the market’s anxiety over the likely Russia-Ukraine meeting on Thursday as the diplomats are showing readiness for talks on ceasefire despite Moscow’s military aggression. Recently, Ukrainian authorities confirmed Russia’s capture of southern city Kherson.

The geopolitical concerns triggered an exodus of funds from RUB, which in turn propelled the USD/RUB prices to the all-time high on Wednesday. However, the government levied 30.0% duties on the individual purchase of foreign currencies versus the ruble to slow down the fall of the struggling currency.

Even so, rating downgrade by Moody’s and Fitch join Fed Chair Jerome Powell’s hawkish testimony to keep USD/RUB bulls hopeful.

That said, the market’s recently cautious optimism also underpins the USD/RUB pullback. To portray the mood, stock futures print mild gains while the US 10-year Treasury yields remain sluggish.

Moving on, USD/RUB moves depend upon today’s peace talks as a positive outcome may extend the latest declines.

Technical analysis

Overbought RSI conditions favor a pullback towards the previous record top, marked in January 2016 around 86.00. However, fundamentals and bullish MACD signals contrast the previous technical details, which in turn keep buyers hopeful.

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD stays vulnerable near 1.0600 ahead of US inflation data

EUR/USD stays vulnerable near 1.0600 ahead of US inflation data

EUR/USD remains under pressure near 1.0600 in European trading on Wednesday. The pair faces headwinds from the US Dollar upsurge, Germany's political instability and a cautiou market mood, as traders look to US CPI data and Fedspeak for fresh directives. 

EUR/USD News
GBP/USD trades with caution below 1.2750, awaits BoE Mann, US CPI

GBP/USD trades with caution below 1.2750, awaits BoE Mann, US CPI

GBP/USD trades with caution below 1.2750 in the European session on Wednesday, holding its losing streak. Traders turn risk-averse and refrain from placing fresh bets on the pair ahead of BoE policymaker Mann's speech and US CPI data. 

GBP/USD News
Gold price holds above $2,600 mark, bulls seem non committed ahead of US CPI

Gold price holds above $2,600 mark, bulls seem non committed ahead of US CPI

Gold price staged a modest recovery from a nearly two-month low touched on Tuesday. Elevated US bond yields and bullish USD cap gains for the non-yielding XAU/USD. Traders now look forward to the key US Consumer Price Index report a fresh impetus. 

Gold News
US CPI data preview: Inflation expected to rebound for first time in seven months

US CPI data preview: Inflation expected to rebound for first time in seven months

The US Consumer Price Index is set to rise 2.6% YoY in October, faster than September’s 2.4% increase. Annual core CPI inflation is expected to remain at 3.3% in October. The inflation data could significantly impact the market’s pricing of the Fed’s interest rate outlook and the US Dollar value.

Read more
Forex: Trump 2.0 – A high-stakes economic rollercoaster for global markets

Forex: Trump 2.0 – A high-stakes economic rollercoaster for global markets

The "Trump trade" is back in full force, shaking up global markets in the aftermath of the November 5th U.S. election. This resurgence has led to substantial shifts in both currency and bond markets, with the U.S. dollar index (DXY) jumping 2.0% + since election day.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures