Yesterday, RUB weakened 0.43% against BASKET (38.21) and 0.36% vs. USD (33.16). Given the weak momentum in global risk appetite and the continued sell off on the local currency debt markets, yesterday’s price action is nothing spectacular. However, we highlight that RUB looked better than major peers as, on average, the EM FX spectrum surrendered near 0.8% to US Dollar. The CBR continues selling hard currency and the band for RUBBASK most likely now stands at 32.10–39.10 (at least). The strong performance of crude oil clearly provides support for the Russian currency. However, it is still unclear, whether the bid for USDRUB associated with dividend flows has already abated.