The rouble rose 0.22 per cent against the dollar and 0.14 per cent against the Euro at pixel time after Ukrainian president Petro Poroshenko announced his government had reached a ceasefire agreement with pro-Russian rebels this afternoon.
Earlier in the day, investors had piled into Russian stocks on rumours of an end to fighting, with the Micex jumping 0.22 per cent in late afternoon trading.
Nato leaders remained sceptical, however.
EU countries and the US are expected to announce further sanctions on Russia over the weekend, despite the ceasefire. Sir Adrian Bradshaw, Nato's deputy supreme allied commander for Europe, was wary.
We look at actions fairly carefully. We have had a lot of words. Some of these words have not been worth very much.
Earlier this week Poroshenko tweeted that a ceasfire had been agreed, but that claim was quickly quashed by Russians.
More than 2,600 people are head said to have died since pro-Russian rebels took control of several eastern cities in the Donetsk and Luhansk region.