Russia FX/Rates Snapshot - August 28, 2019
Yesterday evening, the ruble rebounded as Brent advanced more than 2% on a sizable draw in US crude stocks. This morning, it has continued to recover, as oil prices have remained strong. Moreover, some exporters have probably increased their FX sales given that R300 bln in profit taxes is due today and the current USD/RUB spot rate is attractive for selling. We believe that these factors will keep supporting the ruble, which could recover to 66 today.
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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