Russia FX/Rates Snapshot - February 2, 2022. Slight Correction in Ruble Possible
The ruble rose rather sharply versus the dollar to 76.5 yesterday, though it was unable to hold at this level. This morning, the ruble has strengthened to USD/RUB 76.6 amid generally positive global sentiment. The OPEC+ meeting is in the spotlight today. We could also see demand for hard currency pick up in the Russian FX market at the current levels, in part due to conversions for Nornickel's dividend payments to GDR holders. All in all, we think the ruble could weaken to 77 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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