We estimate the CBR’s net purchases at USD 0.7bn (RUB 20bn), with the four-week average running at USD 1bn (RUB 28bn). Other factors driving the headline change were the revaluation of gold and bonds (+USD 1.5bn). At the same time, EUR weakening against USD was completely offset by JPY and GBP strengthening against USD.
Our estimations are in line with the RUBBASKET performance during the reported period (6-12 April). The rate was mainly within the range 33.00-33.82, which implies that the CBR purchases USD 200-250mn daily, although on 10-11 April the rate moved higher than the 33.82 threshold.