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RUB: oil roller coaster


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

oil, ruble

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