The ruble is close to a 4-week high in the aftermath of the Putin-Macron meeting

The ruble hit a four-week high on Tuesday in the wake of talks between the presidents of Russia and France, with investors looking for signs of de-escalation between Moscow and the West for Ukraine.

According to Reuters, shortly before 10 am Greek time, the ruble rose 0.2% against the dollar to 75.34, while earlier it had reached 75.14, its strongest level since January 13. At the same time, against the euro, it strengthens by 0.5% and moves to 85.87.

The ruble is likely to remain close to 75-76 against the dollar for now, said Dmitry Polevoy, head of investment at Locko Invest.

Russian President Vladimir Putin said the first summit he held with a Western leader after the Kremlin began mobilizing troops near the Ukrainian border was substantial, with French President Emmanuel Macron saying the next few days would be critical.

The ruble has moved away from a nearly 15-month low of 80.4125 against the dollar last month, when Western powers threatened to impose sanctions if Russia invades Ukraine. The Kremlin, for its part, denies having such plans.

“There are signs of optimism about the perception of geopolitical tensions this week,” Russia’s Alfa Bank said, noting the Macron-Putin meeting and Macron’s scheduled talks with Ukrainian President Volodymyr Zelensky on Tuesday.

Investors are also waiting on Friday, as Russia’s central bank is widely expected to raise its key interest rate by 8.5% in its fight against persistently high inflation.

In this climate in the meantime, in the stock market, the Russian MOEX index gains 0.62% to 3,492.28 points and the RTSI adds 1.19% to 1,462.84 points.