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RUB: stronger, backed by export selling


Yesterday, RUB enjoyed a strong session. At the end of the day, it firmed near 1.5% against USD to 60.89 and gained about 1.9% vs. EUR (67.2). RUB kicked off the morning in the black and continued to appreciate throughout the rest of the day. Brent traded in the black during the day, offering some support to the Russian FX market, but went on to close flat at USD 60.1/bbl. The key driver behind RUB’s performance, we think, was the increased hard currency selling flow from export, while the bid remained unchanged. The EM FX index continued to slip gradually, having lost near 0.5-0.8% more yesterday: in particular, TRY declined 1.7%, while BRL and MXN were down 0.8-0.9%. Commodity-backed NOK and NGN moved up near 0.7 and 0.3%, respectively.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts


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