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RUB: crude oil drags FX down

Crude oil remained under pressure yesterday, which fuelled some more weakening among commodity-based currencies. Hence, NOK lost 0.6% against US, while AUD and NZD closed 0.5% and 0.3% lower, respectively. RUB ended 0.6% down vs. USD (40.95) yesterday and lost 0.7% to the BASKET (46.10). Trading activity in RUB was decent, with MICEX recording total turnover of USD 7.3bn. During the day, USDRUB traded as high as 41.10, while RUB also initially reacted positively to the news about the CBR’s upcoming launch of FX repo. However, it was not enough to offset the global trends.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst

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