Russian rouble at highest vs US dollar since August

MOSCOW, Feb 26 (Reuters) - The Russian rouble strengthened for the seventh consecutive session on Wednesday after U.S. President Donald Trump said the lifting of sanctions imposed on Russia over the Ukraine war could be on the agenda "at some point".

At 0830 GMT the rouble RUB= was up 0.4% at 86.20 against the dollar in the over-the-counter market. The rouble crossed the 86 mark against the dollar to hit 85.50, strongest since August 7, during the trading session.

The rouble weakened by 0.4% to 11.72 against China's yuan, the most traded foreign currency in Russia, but was still trading at a highest level since last August. Many analysts said that some correction was now inevitable.

"The rouble is heavily overbought. Therefore, a corrective weakening of the rouble is simply necessary," Alor brokerage analyst Alexei Antonov said. Analysts see 85 to the dollar as the strong resistance level.

The Russian currency has gained about 24% against the dollar and 15% against yuan this year, mostly on expectations of better relations with the United States. Russia's stock market index rose to the highest level since May 2024.

Dollar/rouble futures on MOEX, which serve as guidance for over-the-counter rates, were up 0.3% at 87.46. The central bank set the official exchange rate to the dollar at 88.21, the highest since early August.