USD/RUB spikes to weekly highs near 61.70 after PM Medvedev resigns

Eren Sengezer FXStreet

Russian Prime Minister Dmitry Medvedev and his government have given their resignation to President Vladimir Putin, Russian news agency TASS announced on Wednesday, per Reuters.

With the initial reaction, the USD/RUB pair spiked to a fresh weekly high of 61.6848 before pulling back. As of writing, the pair was up 0.2% on the day at 61.5650.

According to the report, President Putin will decide the makeup of the new government and has ordered the outgoing government to fulfil its responsibilities until a new government is appointed.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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