UPDATE 1-Rouble recovers from 1-week low to strengthen with Ukraine tensions in focus

The Russian rouble clipped a one-week low on Monday before firming past 77 against the dollar in volatile trading as investors digested the weekend's developments over Ukraine, amid hopes that diplomatic efforts will yield results. U.S. President Joe Biden and Russian President Vladimir Putin have agreed in principle to a summit over Ukraine, French President Emmanuel Macron said on Monday, offering a possible path out of one of the most dangerous European crises in decades. “The week again opens to a wind of fragile hope on the geopolitical front,” said BCS Global Markets, pointing to the proposed Putin-Biden summit and a meeting between U.S. Secretary of State Antony Blinken and Russian Foreign Minister Sergei Lavrov on Feb. 24.