USD/RUB Price Analysis: Rouble eyes bullish target near 117.00 despite no progress on ceasefire

• USD/RUB holds the lower grounds as Lavrov-Kuleba begin peace talks.
• Ukraine seems less optimistic after calling for a compromise on Wednesday.
• Bullish 50-SMA on the 4H chart is the line last of defense for USD/RUB

USD/RUB is pressurizing the downside amid a fresh selling wave that has gripped the market, as the much-awaited peace talks between Russia’s Foreign Minister Sergey Lavrov and his Ukraine counterpart Dmytro Kuleba kick-off.

Arriving at the meeting, Kuleba said he had low expectations that a compromise would be reached, as suggested by the country’s leader Volodymyr Zelenskyy a day before.

After the conclusion of the meeting, Kuleba said that there is ‘no progress on ceasefire.”

Amid hopes for diplomacy and resolution, the Russian rouble is seeing fresh demand after USD/RUB faced rejection at 140.00.

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