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RUB: down again

 
26.11.2014
Yesterday, RUB lost 2.6% against USD (46.04) and slipped 3.0% vs. EUR (57.4). USDRUB surged to 45.20 early in the morning and went another leg higher in the afternoon, perhaps on the relatively weak Brent crude oil performance. The latter lost 0.5% yesterday, closing at USD 77.7/bbl. We also highlight that exporters’ hard currency offers likely evaporated yesterday as MET was left behind. Yet, trading activity was fairly decent with the MICEX recording a total turnover of USD 5.6bn. In the meantime, we highlight that all other commodity-based currencies were hit as well: NOK traded down 0.5%, while AUD declined 1.1% and NZD retreated 0.8%. In contrast, EM FX index firmed 0.3% with ZAR, TRY and BRL up 0.5-0.7%.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst

Tags:
ruble

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