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RUB: oil roller coaster

 
02.09.2015

Price action in the Russian FX market is still mostly about sentiment in the oil market. Yesterday, already in the morning, Brent quotes slipped below USD 53/bbl, with oil unsuccessfully trying to break back through this level. Moreover, in the evening Brent dipped below USD 50/bbl and touched USD 48.5/bbl. In the end, it closed at USD 49.6/bbl, losing 8.5% during the session.

In the light of this, USDRUB opened with a gap higher having touched 65.70 in the first trading hour. In the afternoon, RUB consolidated around 65.0 for a while as the crude market balanced in the range of USD 51-53/bbl. However, later USDRUB surged to 66.67 on the back of oil's plunge, so RUB weakened near 3.7% in the end.

Maxim Korovin, Tatiana Chernyavskaya
VTB Capital analysts

Tags:
oil, ruble

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