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The rouble ticked up in both Moscow and international FX markets on Thursday after the first formal talks between Russia and Ukraine’s foreign ministers, even though the meeting made no progress on a ceasefire.

The currency has lost as much as 50% of its value to the dollar this year, crippled by international sanctions after Russia's invasion of Ukraine last month.The currency has lost as much as 50% of its value to the dollar this year, crippled by international sanctions after Russia's invasion of Ukraine last month.

The rouble closed at 118.5 per dollar in Moscow or up 1.3% from the close on Wednesday, still down 36.5% from mid February.Against the euro the rouble closed at 125 in Moscow, up 1.6% for the session, after hitting a record intraday low of 132.4175.In international markets bids were indicated at 127.75 to the dollar and 140.4 to the euro, slightly stronger on the day.

Kuleba said there had been no promise of a ceasefire to allow aid to reach civilians while Lavrov accused the West of inflaming the situation by providing weapons to Ukraine. “There is a pretty wide spread between pricing and what you would see in the West, so that gives you very little confidence about the level,” TD Securities’ Head of Emerging Markets Strategy Cristian Maggio said.Britain imposed sanctions on another list of wealthy Russians including Chelsea Football Club owner Roman Abramovich, while the Bank for International Settlements – the main global central bank umbrella group – suspended Russia’s central bank from all its meetings and services.

 

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