The rouble rose on Tuesday, extending gains from the previous session, after Russia said some troops near Ukraine were returning to their bases after military exercises, following a Russian asset sell-off last week on renewed invasion fears.
The rouble soared after Russia's defence ministry was quoted as saying that some troops in Russia's military districts adjacent to Ukraine were returning to bases after completing drills, a move that could de-escalate tensions between Moscow and the West.
On Monday, the currency gained after Russian Foreign Minister Sergei Lavrov suggested to President Vladimir Putin that Moscow should continue along the diplomatic path in its efforts to extract security guarantees from the West. "We still believe the rouble is likely to rise from these levels," he said. "According to our rough estimate, the rouble has lagged other EM currencies by 5-7% since the start of the year."
"The shuttle diplomacy continues – as long as the West remains vocal on the issue, the market will continue to follow headlines, with the binary outcome suggesting significant up/downside," BCS Global Markets said.
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