Russia FX/Rates Snapshot - April 9, 2020
The local currency has strengthened to 74.5 against the dollar as we write. In our view, an OPEC+ agreement has already been baked in to quotes on the ruble, so if and when a deal actually emerges, any further strengthening should be temporary. We could see the ruble advance further to 74, for example, but it will likely be unable to hold below 75 unless OPEC+ surprises markets and oil prices as a result soar and remain at higher levels - which we see as unlikely. In addition, a cut to Russian oil production would mean lower exports and FX inflows, adding pressure on the ruble.
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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