Russia FX/Rates Snapshot - December 23, 2019
We see signs of increasing retail demand for hard currency, while the CBR continues to purchase $190 mln daily. So given that those selling FX (exporters and internationals) are mostly on the sidelines, whereas hard currency buyers are still present or increasing activity, we would expect the ruble to depreciate gradually to 63 this week. Today, we see USD/RUB reaching 62.4. As for events, investors will eye US durable goods orders and new home sales, which, if upbeat, could further propel the greenback.
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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