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RUB: slight correction

On Friday, RUB firmed 0.1% against US (38.43), yet thanks to the lower EURUSD it gained around 0.5% vs. BASKET (43.33). Overall, during the session USDRUB mostly traded in a fairly tight range of 38.40-38.55. Meanwhile, the EM FX index slipped a tad (-0.10-0.15%) against USD, while commodity-based currencies also retreated. However, we think RUB's relative resilience to the general trend on Friday was just an echo of Thursday's weak session, when it lagged peers, so on Friday RUB’s trading levels were adequate to the global risk sentiment. This week, we expect RUB to secure some support from the tax payments.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst


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