Yesterday, RUB weakened 2.3% against USD to close at 46.69. The Russian currency slipped amid struggling crude oil as Brent touched USD 80/bbl. However, the rest of EM FX traded on a firmer footing: the composite EM FX index closed a little in the black, while ZAR outperformed. picking up 0.5% vs. USD. RUB is now the most volatile currency amid EM FX peers, succeeding the previous ‘champion’, BRL.