Yesterday, the Russian FX market advanced further into the black, supported by export selling flows and the recovery in oil. The tax factor is going to be centre stage, so trading volumes increased visibly, with the MICEX reporting USD 5.1bn of turnover. In the morning, the solid export offer pushed USDRUB down to 53.10, but this factor soon started to fade away, letting RUB return to the opening levels for a while. By the end of the Moscow session, RUB resumed strengthening to close at 53.45 (+0.4%) against USD. Brent climbed to USD 62.9/bbl, gaining 2.3% during the day.
The EM universe had a rather dull session, with the EM FX index closing 0.1% lower as compared to the previous day. Among bright spots, we highlight KRW (+1.0%) and INR (+0.6%). At the same time, MXN was under pressure, losing 0.6%. Commodity-based currencies traded heavy: NOK dropped 1.8%, while NZD lost 0.9%.