RUB: lost support from tax payments
With the tax period behind us, RUB lost support from exporter flows and RUBBASK returned to 38.10 by the end of the day. USDRUB closed at 32.68. Other EM currencies were under pressure: TRY hovered close to 2.10, i.e. historical highs, ZAR was at 10.35 and BRL was at 2.35, losing 0.3-0.5% in the day. Pressure on RUB might reappear in the short term with tourist flows intensifying in the New Year holidays.
Maxim Korovin, Anton Nikitin
VTB Capital analyst
Back to the list