USD/RUB volatility rises as Putin rules out Ukraine ceasefire prospects

USD/RUB traded volatile around 92.50 levels following Russian President Putin's statement doubting ceasefire possibilities with Ukraine after recent attacks. The ruble weakened 0.8% against the dollar in early Moscow trading, reflecting heightened geopolitical tensions. Market participants are pricing in increased risk of military escalation, which could prompt further capital outflows from Russian assets. The Central Bank of Russia's key rate at 16% continues to provide some support for the ruble, though geopolitical factors are dominating price action. Technical indicators show USD/RUB testing resistance at 93.00, with a break above potentially opening the path to 94.50. Support sits at 91.80, coinciding with the 50-day moving average. Traders should prepare for increased volatility in emerging market currencies, particularly those with exposure to the region, as the situation develops.