Russia FX/Rates Snapshot - August 12, 2021. Ruble Recovering from Early-Week Losses Amid Improving Risk Sentiment
Today, global market sentiment is still upbeat, but the ruble has slightly retreated, correcting after yesterday's gains. Nevertheless, we expect the local currency to turn it around and extend the gains today, as risk appetite looks set to remain elevated and we see no major scheduled events that could derail it today. Yesterday, there was a R1.9 trln liquidity inflow due to settlement of a CBR deposit auction (banks placed less funds than last week, meaning an inflow), and banks' correspondent accounts at the CBR rose to R3.5 trln. This is slightly higher than the required level for the new reserves averaging period, which started yesterday. As demand for liquidity increased, as it typically does at the beginning of a new averaging period, O/N interbank rates remained at 6.20%, where we think they will remain in the coming days.
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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