Russian rouble at highest vs dollar, China's yuan since early Sept 2024

MOSCOW, Feb 21 (Reuters) - The Russian rouble hit new highs against the U.S. dollar and China's yuan on Friday after a top U.S. official said Russia could win some relief from U.S. sanctions based on its willingness to negotiate an end to its war in Ukraine.

At 0830 GMT the rouble RUB= was up 1.3% at 87.50 against the dollar in the over-the-counter market, the highest since September 3. U.S. Treasury Secretary Scott Bessent indicated on Thursday that such a relief was possible.

The rouble surged past the 12 mark against the Chinese yuan to trade on the stronger side of the mark for the first time since September 3 in Thursday's trading session at the Moscow Stock Exchange (MOEX). It traded at 12.04 to yuan on Friday.

"Speculative sales amid rapidly growing expectations of a reduction in geopolitical costs were the driver. We believe that the trend towards the strengthening of the rouble will continue," said analyst Denis Popov from PSB bank.

He added that the increased forex sales by exporting companies ahead of their corporate tax payments at the end of the month were also a factor behind the rouble's recent rally.

The Russian currency has gained 23% against the dollar and 12% against the yuan this year, mostly on expectations of better relations with the United States under new U.S. President Donald Trump.

The dollar/rouble futures on MOEX, which serve as a guidance for over-the-counter rates, traded at 89.44. The Russian central bank set the official exchange rate at 88.51.