The Russian ruble, also spelled rouble, the monetary unit or fiat currency is used for everyday transactions.

The ruble was first introduced as a silver coin and, after that, the gold ruble was introduced. During the Soviet era, the currency was known as Soviet ruble. After the collapse of the union, the currency became as Russian ruble.

Russia is a major oil exporter and makes huge profits from the business. It also exports a variety of farm products.

Investors also use the ruble to buy company shares in the Russian stock market.

India is considering a new payment mechanism in local currencies(Rupee-ruble) to allow it to continue trade with Russia.

Ruble may recover after the Russia-Ukraine dispute is resolved, it may take longer to return to where it was before.

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Market Sentiment

The Russian ruble stabilized around 96 per dollar on Friday, holding below the critical 100 level for some time now, ahead of new peace talks between Russia and Ukraine in Turkey this week.

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