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TOKYO – The ruble steadied Tuesday after falling to a record low, while the safe-haven yen and Swiss franc held steady after their biggest gains in nearly seven weeks, as traders focused on developments in the Ukraine crisis.

The euro returned to around $1.12 against the dollar after Russian and Ukrainian officials held the first round of ceasefire talks four days after Russia's invasion of its neighbor, after which a hint of calm returned to the currency market After rollover It was as low as $1.11210 on Monday.

The risk-sensitive Australian dollar touched a near one-week high, rebounding from a drop of as much as 1.2% in the previous session. The Reserve Bank of Australia set monetary policy late Tuesday and widely Expected to be held Key interest rates hit a record low.

As tough sanctions take effect, Russians wait in long lines to be removed from ATMs

Leading cryptocurrency Bitcoin touched a near two-week high above $44,000 late overnight.

The ruble plunged 30% to a record $120 in the dramatic environment at the start of the week after the West and its allies imposed new sanctions on Russia, including cutting off some banks from the SWIFT financial network. The currency recovered after an emergency rally Other emergency measures taken Central Bank of Russia, last traded at 102.

The yen eased slightly to 115.07 against the dollar after rising 0.48% on Monday. The safe-haven Swiss franc fell slightly to 0.91775 against the dollar after rising 0.95% overnight.

Currency volatility, as measured by the Deutsche Bank index, reached its highest level in 14 months on Monday.

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Rodrigo Catril, senior foreign exchange strategist at National Australia Bank, wrote in a report, "The news from Ukraine remains gloomy, with no solution emerging from the Russia-Ukraine talks."

In this illustration taken Feb. 14, 2022, yuan bills are shown on U.S. dollar bills. (REUTERS/Dado Ruvic/Illustration / Reuters)

"The battle intensifies as the West seeks to increase its efforts to isolate Russia."

Catril said this instability will put safe-haven currency buying and the euro under pressure, while the Australian dollar has so far remained strong due to higher commodity prices and the geographical distance between Australia and the conflict zone.

After giving back as much as 0.89% of its gains on Monday, the dollar index, which measures the greenback against six major currencies, hovered near 96.75 after closing up 0.18%.

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The yield on the benchmark 10-year U.S. Treasury note fell back to a near one-month low overnight as investors sought the safety of U.S. Treasuries, even though the Federal Reserve is certain to rise at next month's policy meeting, keeping the dollar under pressure.

However, according to the CME's Fedwatch tool, the Ukraine crisis has prompted traders to reduce their bets on a 50 basis point rise to just 8.5% on March 16.

Atlanta Fed President Rafael Bostic said Monday that He does not rule out A half-point change, the first review by a Fed official since the conflict.

"Summary: Don't write off a 50 basis point gain," Commonwealth Bank of Australia strategist Joseph Capurso wrote in a client report, saying the market is already underpriced.

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"The near-term trend of the dollar will be dominated by the war, but the medium-term trend of the dollar will be determined by economic data."