Yesterday, RUB generally traded in line with the intraday price action on the oil market. Hence, in the morning RUB opened slightly in the red, but pared losses quickly thanks to the surge in Brent. Thus, at the end of the day, RUB firmed 1.0% against USD (57.60), while Brent gained 4.6% to close at USD 55.8/bbl. Meanwhile, NOK advanced 0.4% and NGN was just a tad higher. At the same time, the EM FX index ended 0.5-0.6% in the black, with ZAR up 1.2%, while BRL and MXN gained 0.7-1.0%. Trading activity in the Russian FX market remained subdued, with total USDRUB turnover in the MICEX of just USD 3.1bn.