Russia FX/Rates Snapshot - August 18, 2021. Ruble Remains Stable in Face of Dollar Strength
This morning, the ruble has rebounded to 73.4, while the global appreciation of the dollar has stalled. Investors will be focused today on the minutes from the last Fed meeting, which may contain details about QE tapering. Against this backdrop, we think the dollar could resume its advance against most global currencies, though the ruble is likely to remain stable, in our view, as it has been seeing demand at current levels. We do not expect OFZ quotes to move much ahead of the auction today, as global risk appetite is recovering. We believe the Finance Ministry will again exceed its weekly borrowing needs, placing more than R45 bln in total.
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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