Several days of strong RUB performance was followed by a correction yesterday. In the morning, USDRUB moved up to 60.10, and went on to hover around this level for most of the Moscow session. Meanwhile, Wednesday’s upturn in oil prices was short-lived: at the end of the day, Brent declined 3.8% to USD 52.21/bbl. However, once again RUB remained largely resilient to the swings in the crude oil market: USDRUB closed at 60.09. Hence, RUB weakened 1.1% against USD, in line with peers. The EM FX index closed 1.3% in the red against USD, dragged down by ZAR (-2.0%), BRL (-2.5%) and TRY (-1.3%). Commodity-based currencies followed oil, with AUD losing 1.6% and NZD edging down 0.9%. However, NOK was not part of this trend, firming 1.0% vs. USD. Trading volumes were barely changed, with MICEX reporting USDRUB turnover at USD 3.3bn.