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RUB: slightly lower

 
19.09.2014
RUB ended yesterday’s session on a softer footing, losing 0.25% against USD (38.47) and 0.15% to BASKET (43.53). At the same time, the whole EM FX spectrum was under pressure yesterday. In particular, ZAR slipped 0.45% and BRL closed 0.30% weaker against USD. Overall, EM FX index closed 0.1% lower yesterday. Meanwhile, RUB has ignored the strong bounce in commodity-based currencies as crude oil partially recovered over the last couple of sessions. Hence, NOK gained 2.0% against US yesterday, while NZD and AUD ended 0.7% and 0.3% stronger, respectively. Overall, RUB continues to trade 13-14% weaker than the EM FX index YTD. However, next week taxes kick in, with MET due on 25 September. In light of this, we think exporters might increase hard currency selling and the emergence of a big offer could spur profit-taking in USDRUB.
Maxim Korovin, Anton Nikitin
VTB Capital analyst

Tags:
rouble

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