Russia FX/Rates Snapshot - December 21, 2018
The ruble is up early in the session, as was the case the last four days. It seems that exporters have finally increased their FX selling ahead of next week's tax payments (and given the high premium of the spot rate over the CBR fixing). However, this flow may dry up if oil prices resume their decline, which could happen if risk-off trading continues. In this case, local demand for hard currency could pick up once again. We see the ruble as significantly undervalued and expect it to eventually firm given the recent developments regarding the Rusal sanctions. However, tight stop-losses should be used, as short-term risks are high and USD/RUB may head to 69 today if sentiment sours and oil starts falling again.
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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