Yesterday, RUB pared Monday’s post-S&P weakness: by the end of the day, it had firmed near 1.4% against USD (67.52). Partially, this happened because of EUR’s bounce, but the key driver was the crude oil market. Brent gained almost 3.0% to USD 46.5/bbl, while the nearest futures scratched the USD 50.0/bbl threshold. Meanwhile, the EM FX index closed nearly flat; ZAR slipped 1.1%. RUB outperformed other commodity-based currencies, like NOK (which gained near 0.9%) and NGN, which actually slipped 0.7%.