Russia FX/Rates Snapshot - August 28, 2018
Today, the ruble is paring yesterday evening's loss. We expect it to trade range-bound. It will be supported by improved global risk sentiment. Also, exporters may step up their FX selling, since today is the deadline for R210 bln in profit tax payments. They may also sell FX for rubles to finance their operating costs, which they tend to do later in the month, after the main tax payments. On the other hand, the ruble is unlikely to strengthen, as the rhetoric on Syria from Russia and the US has intensified, leading some to believe an escalation may be in store. Meanwhile, the Turkish lira resumed its decline after trading commenced yesterday, somewhat souring the positive sentiment toward EMs.
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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