Russian rouble strengthens vs US dollar after Trump-Putin call
MOSCOW, June 5 (Reuters) - The Russian rouble strengthened slightly against the U.S. dollar on Thursday after a telephone conversation between Russian President Vladimir Putin and U.S. President Donald Trump the day before.
By 0910 GMT, the rouble RUB= was up 0.4% at 78.90 per U.S. dollar, according to LSEG data based on over-the-counter quotes. The rouble has rallied by more than 40% against the dollar so far this year.
During the previous session the rouble weakened after Putin's initial hawkish comments on the recent Ukrainian attacks. The Russian currency regained ground on news about the telephone conversation between Putin and Trump.
"There was no indication of a desire to strengthen the sanctions regime against Russia in Donald Trump's comments," Alor brokerage analysts said in their morning note.
Analysts also said new inflation data released on June 4, which showed weekly price growth slowing, increasing the likelihood of a key rate cut at the central bank's board meeting on June 6.
Reuters poll of 26 economists showed on June 2 that the central bank is expected to keep its key interest rate on hold at 21% at its board meeting on June 6, but may soften its rhetoric and signal rate cuts later in the year.
Against the Chinese yuan, the most traded foreign currency in Russia, the rouble was flat at 11.02 on the Moscow Stock Exchange, after falling by over 5% in the previous session. The central bank uses yuan for foreign exchange interventions.
Analysts believe that the rouble is fundamentally overvalued and see the Russian currency weakening to 97.5 to the dollar in one year.
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