Russia FX Beat - May 7, 2018
Today at 12:00 Moscow time, the Finance Ministry will announce the volume of FX interventions in May, which we expect to be their highest yet - at around R310 bln - given that the oil price is currently at its highest level since 2014 (and at a record high in ruble terms). However, in light of the recent downturn in the ruble and resumption of the purchases being done on a daily basis, the daily volume of purchases over the upcoming period will actually be less - down from $300 mln during this period to around $250-260 mln, which will be positive for the ruble.
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