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RUB: almost 10% in the red

Yesterday, RUB recorded one of the weakest (if not the weakest session) in its history. By the end of the session, RUB had lost near 9.3% against USD (64.24) and near 9.2% vs. EUR (80.09). RUB has now lost near 48.9% YTD, which makes it the weakest-performing EM currency this year. Interestingly, Brent crude had traded 2.0% stronger during yesterday’s session, but offered no support; however, by the end of the day, Brent closed some 2.0% down at USD 59.8/bbl. The EM FX index fell 1.4%, – barely comparable to RUB’s price action. TRY slipped 3.3%, while ZAR and BRL dipped 1.4% and 1.6%, respectively. Meanwhile, NOK slipped some 1.8%, while NGN declined 1.0%. Separately, yesterday’s CBR FX repo auctions were a success in terms of demand. Banks secured USD 4.8bn at the 12-month auction at an average rate of 1.12%. Meanwhile demand for the 28-day FX repo was USD 2.0bn vs. the USD 1.5bn on the offer: the full amount was allocated at a weighted-average of 2.97% and.
Maxim Korovin, Tatyana Zueva
VTB Capital analyst


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