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Market Update: Russian Ruble Firms at 2-1/2-Month High
The Russian ruble traded at 73.4 per USD, the highest level since March 17th boosted by higher oil prices and easing geopolitical tension. The US Secretary of State Antony Blinken and Russian Foreign Minister Sergei Lavrov met for the first time in Iceland last week, paving the way for a Putin-Biden summit next month. The US and Russian foreign ministers said they were ready to cooperate but acknowledge differences in how they view world affairs. Also, the US announced it would not sanction the company behind the Nord Stream 2 gas pipeline to Germany. Meantime, the oil market has been losing ground in recent days amid oversupply concerns and prospects of weaker demand. On the monetary policy front, the Central Bank of Russia raised interest rates by a bigger than expected 50 bps and left the door open to further increases over the coming months to contain inflation. [/s2If]
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