March 14 (Reuters) - The Russian rouble hovered not far

from a more than six-month high against the dollar on Friday,

with the market waiting for developments after President

Vladimir Putin said a U.S. ceasefire proposal for the Ukraine

war needed serious reworking.

Putin said on Thursday that Russia supported a U.S. proposal

for a ceasefire in Ukraine in principle, but sought a number of

clarifications and conditions that appeared to rule out a quick

end to the fighting.

By 0754 GMT, the rouble was up 0.2% at 86.10 to the

dollar in over-the-counter market trade. It had reached 85.1205,

its strongest level since August 7, 2024, on Tuesday.

Against the Chinese yuan, the most traded foreign currency

in Russia, the rouble was down 0.4% to 11.86.

The rouble is up against the dollar this year, mostly thanks

to expectations of improved relations between Moscow and

Washington.

The currency's strengthening could have some bearing on the

central bank when it next meets to set interest rates, currently

at 21%, although the bank issued a hawkish signal on Thursday.

"The regulator is not buying into positive news about

possible negotiations," said Yevgeny Kogan, professor at

Moscow's Higher School of Economics. "For them, what is

important is not 'what they say' but 'what really happens'.

"Therefore, even the strengthening of the rouble is not yet

an argument for lowering rates because it is not clear how

sustainable it is."

Brent crude oil, a global benchmark for Russia's

main export, was up 1% at $70.58 a barrel.