The Russian FX market ended the week on a positive note, continuing to benefit from the rebound on the oil market. On Friday, RUB opened strong, scratching 65.05 against USD, but Brent’s correction to USD 47/bbl cooled market sentiment, allowing USDRUB to climb to 67.25 by noon, where RUB hovered for a couple of hours until oil made another strong move, surging to USD 51/bbl in the evening. RUB immediately followed suit, starting to regain positions amid decent trading flow (MICEX turnover printed USD 7.2bn). Consequently, USDRUB dipped below 65.00, but some pullback in oil prices prevented RUB from closing at these levels. As a result, Brent ended the session at USD 50.1/bbl (+5.5%), while RUB closed at 65.21, gaining 1.1% against USD.