Trading flows in yesterday’s session remained subdued with total turnover in USDRUB of USD 2.8bn. USDRUB traded in a fairly tight range of 61.60-62.30 having closed at 61.8. Hence, RUB firmed near 0.1% against USD. However, RUB gained near 0.9% against EUR (68.5), as EURUSD dropped below the 1.11 level. Meanwhile, RUB traded against the generally weaker trend in other emerging markets. In particular, the EM FX index declined 0.5-0.8%, while NOK closed 0.8% in the red. The Brent crude price eased 1.5% to USD 60.1/bbl, but, as we have argued before, this level of oil is quite comfortable for RUB.