Yesterday, the Russian FX market had a busy session, with MICEX reporting USD 5.4bn of turnover. RUB continued to strengthen, following the oil market quotes. For most of the session, Brent was trading near the USD 65.2/bbl level, but stepped back in the evening to close at USD 64.6/bbl (+0.6%). RUB immediately followed this reversal, moving away from intraday highs. As a result, it closed at 54.35, gaining 2.2% against USD.
The EM FX universe had a good session too, with the EM FX index firming 0.4%. Among top performers, we highlight KRW and ZAR, which increased 1.0%, as well as MXN (+0.9%) and TRY (+0.7%). At the same time, BRL lagged peers, losing 0.7% during the day. NZD and AUD finally followed the oil recovery, inching up 1.0%, NOK advanced a moderate 0.2%.