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RUB: surrendering positions

 
24.07.2015

The Russian FX market found no support yesterday. RUB started the session a bit stronger, approaching 57.30, but in the afternoon pressure on the oil market started to mount, and there was a follow through into RUB dynamics. However, as the day before, the major move on the Russian market happened in late trading. After the end of the Moscow session, Brent dropped to USD 54.6/bbl (-1.4%), the lowest level since April. In the absence of a domestic bid, RUB lost ground, slipping to 57.89 (-0.8%) against USD by the close.

The EM universe looked slightly better, with the EM FX index decreasing only 0.6%. BRL and TRY were still the main laggards, falling 1.9% and 1.0%. At the same time, commodity-based currencies traded mixed: NZD bounced 0.4%, while AUD and NOK corrected down 0.3-0.5%.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

Tags:
ruble, FX market

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