Russian rouble pulls back from months-long high as US proposes Ukraine ceasefire

March 12 (Reuters) - The Russian rouble pulled back from a more than six-month high against the dollar on Wednesday after Ukraine said it was ready to support Washington's 30-day ceasefire proposal.

After more than eight hours of talks with Ukrainian officials in Saudi Arabia on Tuesday, U.S. Secretary of State Marco Rubio said the U.S. would now take the offer to Russia, and the ball was in Moscow's court.

By 0828 GMT, the rouble RUB= was down 0.9% at 86.40 to the dollar in over-the-counter market trade. In the previous session, it had reached 85.1205 - its strongest level since August 7, 2024.

Against the Chinese yuan, the most traded foreign currency in Russia, the rouble was down 0.3% to 11.89.

The rouble is up against the dollar this year, mostly thanks to expectations of improved relations between Moscow and Washington.

"The Russian currency needs positive geopolitical news to continue its growth and this may be difficult in the near future," Alor Broker analyst Alexei Antonov said.

"Market sentiment is determined by the news agenda, linked to the peace negotiations," Promsvyazbank analyst Denis Popov said. High uncertainty will remain until Moscow-Washington contacts take place, he added.

U.S. President Donald Trump has said he might speak with Russian President Vladimir Putin this week and that he hoped a lasting ceasefire would be negotiated in the coming days, while contacts at a lower level could also take place in the coming days.

Brent crude oil LCOc1, a global benchmark for Russia's main export, was up 0.6% at $69.99 a barrel.