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RUB: ahead of peers

Trading activity in the Russian exchange market was understandably subdued yesterday (as the US was closed), with total USDRUB turnover at USD 2.0bn. RUB traded on a stronger footing; during the session, USDRUB touched 64.20. Towards the end of the day, USDRUB moved higher as the recovery in Brent crude oil stalled, while EM FX fell under pressure. Thus, the EM FX index closed 0.4% in the red vs. USD, with ZAR trading down 0.8%, while MXN surrendered 0.4%; NOK slipped 0.9% and NGN tumbled 0.8%. At the same time, RUB closed 0.7% stronger against USD at 64.89, having outperformed peers, yet the price action was more a catch up with Friday’s crude recovery. Meanwhile, the CBR allocated USD 3.5bn in two FX repo auctions: USD 3.28bn for 28 days, the rest for 12 months. However, this is not enough to offset the matures of earlier FX repo auctions, so the total FX repo debt is set to decline to USD 17.2bn tomorrow.
Maxim Korovin, Tatiana Zueva
VTB Capital analyst

ruble, oil

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