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RUB: flattish session


Yesterday, the Russian FX market had an uneventful session, with RUB seeing marginal swings. RUB opened slightly weaker, going above the 50.0 mark (against USD), but soon the combination of stronger oil dynamics and export selling flows brought it back. However, the export support faded in the evening, and the balance on the market shifted towards FX buyers, pushing RUB a tad lower, to 49.98 (-0.4%). At the same time, Brent closed at USD 65.4/bbl, adding 2.7% during the day. The CBR continued its FX purchases, buying USD 200mn per day. Thus, the cumulative volume of interventions in May stands at USD 981mn. Risk appetite in the EM space weakened, so the EM FX index declined 0.2%, dragged down by BRL and TRY, which lost 1.2% and 0.4%, respectively. In the meantime, the uptick in oil prices cheered commodity-based currencies, which bounced 0.3-0.5% against USD.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

ruble, FX market

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