The ruble gained Monday morning on news that European and Russian leaders will meet on Wednesday this week.
On Sunday, leaders involved in the ‘Ukraine problem’ had a conference call; this involved Russian president Vladimir Putin, Ukrainian president Petro Poroshenko, German chancellor Angela Merkel and French president François Hollande. The agenda revolved around the need to find a resolution in Ukraine and for the subsequent sanctions programme enforced by Europe and the U.S on Russian trade.
The new initiative for peace talks is being prompted by Merkel due to the recent escalation of violence.
The call resulted in the inclusion of mediators from the Organisation for Security and Co-operation in Europe, and ‘representatives of the Russian-backed separatists fighting in eastern Ukraine,’ (reported by the Financial Times) at Wednesday’s meeting in Minsk.
At present Merkel is in the U.S to meet with president Obama to argue against the arming of Ukraine to defend against Russian-backed separatists. The U.S wants to arm Ukraine to force Putin to extend his aid to these separatists, an action that Russia is denying.
The ruble has been on a steady downward decline against the greenback and the euro since March 2014 when sanctions were introduced from the U.S on Russia.
The USDRUB was trading at 35.11 in March 2014, since dropping to close of market on Friday at 65.98 and opening with ruble gains Monday morning at 64.70.
The EURRUB traded at 39.81 in March 2014, making gains for the euro to 75.04 at market close on Friday but giving small gain to the ruble Monday morning as the pair opened at 73.40.
MT4 chart: USDRUB
MT4 chart: EURRUB
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