Russia FX Beat - May 21, 2018
This morning, the dollar is stronger and EM FX is under pressure again. The ruble is down 0.7% after UK lawmakers urged the government to place restrictions on Russian government debt. However, such measures are unlikely to be imposed, as they would hurt international investors. However, judging by the elevated turnover, the spike in the USD/RUB rate seems to have triggered FX selling by exporters, which likely found the circa 60-kopeck spot premium to the CBR fixing attractive. Given that major tax payments are nearing, including a R490 bln MET payment on Friday, we expect exporters to continue actively selling.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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