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RUB: addicted to oil


The bounce on the oil market provided some support to RUB yesterday. Trading activity moderated a bit, with MICEX turnover declining to USD 4.7bn. At the opening, USDRUB broke through 65.00, but found a strong resistance level there. The oil market bounced, with Brent moving above the USD 49/bbl already in the morning. However, for most of the session RUB contemplated oil’s recovery, hovering indecisively in the 64.5-64.8 range. In the evening, the oil factor eventually outweighed, and USDRUB moved to 64.24, closing 0.1% firmer against the previous day. In turn, Brent closed at USD 49.7/bbl, gaining 0.7% during the day.

Maxim Korovin, Tatiana Zueva
VTB Capital analysts

ruble, oil

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