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RUB: finding no support from oil


On Friday, the Russian FX market continued to trade on a softer footing, following oil’s weaker performance. In the morning, Brent slipped under USD 50/bbl, which pushed USDRUB to 68.0. However, crude soon recovered back to USD 50.5/bbl, helping RUB to consolidate near 67.60. The pressure on RUB resumed after the US markets opened, when oil turned into correction mode, slipping to USD 49.6/bbl (-2.6%) by the close. As a result, RUB edged down to 68.50, weakening 3.0% against USD on Friday.

Maxim Korovin, Tatiana Chernyavskaya
VTB Capital analysts

ruble, FX market, oil

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