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RUB: down again


Yesterday, RUB recorded yet another weak session. At the end of the day, it had lost near 1.8% against USD (68.97); during the day, USDRUB had touched the 69.40 mark. Pressure on RUB mounted despite the crude oil price bounce: Brent ended 1.3% higher at USD 46.85/bbl. Meanwhile, NOK and NGN closed a touch firmer, and the EM FX index declined 0.4-0.5%, driven by TRY (-1.3%) and BRL (-1.1%). We noted widening of the negative basis between the overnight FX swap and RUONIA recently, which could be a sign of increasing marginal demand for USD liquidity that causes pressure on the FX market in turns.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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