Select your city:
Moscow

VTB Bank call center

+7 (800) 200-77-99
+7 (495) 739-77-99
For general information and enquiries

RUB: calm session

 
19.01.2015
On Friday, the Russian exchange market saw little volatility amid a subdued trading flow, as the MICEX recorded just USD 2.2bn in USDRUB turnover. During the session, USDRUB traded in the range of 64.80-65.50 anchored to the 65.10-65.15 level for most of the time. At the end of the day, RUB weakened near 0.2% against USD having closed at 65.31. At the same time, crude oil recovered with the Brent spot settling almost 3.0% higher at USD 47.7/bbl at the end, while the nearest futures bounced more than 5.0%. In the light of this, NOK and NGN firmed 0.3-0.4%, so RUB looks like an outlier to some extent. However, we highlight that USD itself ended strongly in the black on Friday with DXY up 3.4%, so the general performance of RUB and other EM FX (index was up 0.1-0.2%) and commodity-based currencies looks robust. That said, RUB gained near 0.6% against BASKET (69.96) and near 1.6% vs. Euro (75.65) on Friday. Today, the US markets are closed for Martin Luther King Jr Day, and so we expect subdued trading activity. Overall, the crude oil market shows some signs of stabilisation, in our view, and we therefore think RUB has more room for recovery, especially given that the Russian tax period kicks off this week. Also, today the CBR will be conducting two FX repo auctions for 12 months and 28 days.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst

Tags:
ruble, oil

Back to the list



VTB group news subscribe
  • E-mail subscribe
  • RSS lent
    Subscribe
    Subscribe
Download the list of cities.....