Russia’s ruble backs away from 11-month highs as eyes turn to Biden-Putin summit

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Russia’s ruble backs away from 11-month highs as eyes turn to Biden-Putin summit
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The ruble has been on a steady incline since mid-April, supported by rising oil prices and a hawkish Central Bank of Russia.

The CBR raised its key interest rate by 50 basis points to 5.5% on Friday, its third consecutive hike since March, as it looks to temper annual consumer inflation of 6%, its highest in five years. Governor Elvira Nabiullina said in a press conference Friday that inflation was a "growing concern."

The bank expects the CBR to continue responding aggressively, projecting a further 50 basis point hike in July to take the policy rate to 6.0%.

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