Russian rouble stabilizes In early Moscow trade
Russian rouble stabilizes In early Moscow trade
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In early Moscow trade on Thursday, the Russian rouble stabilised ahead of the first discussions between Russian and Ukrainian foreign ministers since Russia invaded Ukraine two weeks ago. The rouble was trading at 120.1 against the dollar during morning session, barely moving from Wednesday's closing of 120.0. It was nearly 0.8 percent worse against the euro, trading at 128.0.

Since Russia pushed soldiers into Ukraine on February 24, the Russian ruble has plummeted, bringing harsh economic sanctions from the West. In Moscow on Wednesday, it broke through 120 against the dollar for the first time and hit a new low of 131 against the euro. Sergei Lavrov and Dmytro Kuleba, the top Russian and Ukrainian ambassadors, are scheduled to meet later today in Turkey.

Kuleba has stated that his expectations for the discussions are modest, as Ukraine seeks a ceasefire, territorial liberation, and resolution of all humanitarian issues. Moscow demands that Kyiv adopt a neutral stance and abandon its ambitions to join NATO, with a Russian negotiator warning late Wednesday that Russia's delegation in negotiations with Ukraine "would not compromise a single bargaining issue."

Stocks were last traded in Moscow on February 25, and trading was mostly halted on Thursday due to a central bank decree. In an emergency step, the central bank has more than quadrupled its key interest rate to 20% and imposed capital controls to save valuable foreign currency.

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