MOSCOW, Feb 14 (Reuters) - The Russian rouble retreated

on Friday after gaining almost 5% against the U.S. dollar in the

previous session on market optimism that followed a telephone

conversation between U.S. President Donald Trump and Russian

President Vladimir Putin.

At 0820 GMT, the rouble was down 0.9% at 90.30

against the dollar, still the highest level for the Russian

currency since September 2024, according to data from the

over-the-counter market.

The Moscow Exchange stock market index rose by another 2.2%,

bringing total gains since the start of the year to 13.7%. The

exchange suspended trade on Thursday night after the index

rallied 6%, citing data transmission problems.

Many analysts cautioned against excessive optimism,

stressing that there was little certainty about the upcoming

summit as well as possible Ukraine peace negotiations while

there was a long road ahead.

As long as there is no lifting of sanctions, the continued

market rally means granting a loan now for something that might

happen in the future, VTB's Stanislav Kletschev said.

The market rally is taking place ahead of the central bank's

rate-setting meeting on February 14, at which the regulator is

expected to keep its key rate on hold at 21%, the highest level

since early 2000s as inflation shows no sign of slowing down.