MOSCOW: The Russian rouble hovered not far from a more than six-month high against the dollar on Friday, with the market waiting for developments after President Vladimir Putin said a US ceasefire proposal for the Ukraine war needed serious reworking.

Putin said on Thursday that Russia supported a US proposal for a ceasefire in Ukraine in principle, but sought a number of clarifications and conditions that appeared to rule out a quick end to the fighting.

By 0754 GMT, the rouble was up 0.2% at 86.10 to the dollar in over-the-counter market trade. It had reached 85.1205, its strongest level since August 7, 2024, on Tuesday.

Against the Chinese yuan, the most traded foreign currency in Russia, the rouble was down 0.4% to 11.86.

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

The currency’s strengthening could have some bearing on the central bank when it next meets to set interest rates, currently at 21%, although the bank issued a hawkish signal on Thursday.