The monetary unit of Russia drove toward its top value in about 14 days on Monday, propelled higher by a brighter outlook about monetary policy in the U.S. and Europe driving up Russian assets' allure, according to Bloomberg.
The ruble pushed ahead for a fourth consecutive day amid a strengthening likelihood of a diplomatic solution between Russia and Ukraine. Bonds issued by the nation set for maturity in 2027 endured their first losses in about seven days.
"The ruble's gaining further on expected continuation of loose monetary policy in developed countries and subsiding geopolitical tensions, meaning fewer additional risks for the domestic economy," states a Monday email authored by economist for Russia and the Commonwealth of Independent States Vladimir Kolychev with VTB Capital in Moscow, according to the news outlet.
The ruble climbed about 0.4 percent on Monday after having marked increases of 1.4 percent during the week prior.
The energy ministers from Russia and Ukraine are slated to convene in Brussels on Monday to conduct negotiations regarding prices, according to Reuters. The commissioner of energy for the European Union also was set to be in attendance at the meeting.
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