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Dollar declines, euro jumps on hopes in Ukraine peace talks

Any step toward a ceasefire or potential peace deal in Ukraine would support the euro as Europe is seen suffering a significant economic blow from the conflict, which began with Russia's invasion on February 24.

March 29, 2022 / 09:19 PM IST
(Representational image: Shutterstock)

(Representational image: Shutterstock)

The dollar fell against a basket of peer currencies on Tuesday following reports of progress in peace talks between Russia and Ukraine, giving a lift to the euro and reducing the safe-haven appeal of the greenback.

Russia promised at peace talks in Istanbul on Tuesday to scale down its military operations around Kyiv and northern Ukraine, while Ukraine proposed adopting a neutral status but with international guarantees that it would be protected from attack.

The dollar, which had risen as much as 3.4% since Russia invaded Ukraine, declined 0.914% to 98.181, as traders looked to currencies deemed riskier.

"Risk appetite is back and I think you're seeing potentially a major turning point in the war in Ukraine as Russia signals talks have been constructive and there's hope that there could be a ceasefire," said Edward Moya, senior analyst at Oanda.