Russia FX/Rates Snapshot - February 25, 2020
Things stabilized somewhat in the evening after the WHO refused to call the outbreak a pandemic, although it did express strong concern about the situation. Markets used this as an opportunity to claw back some of the losses. Furthermore, in China the virus has essentially stopped spreading beyond Wuhan, while the number of new cases in Italy and South Korea has fallen. Against this backdrop the ruble has firmed by 0.8% to 64.8. Given that the ruble is currently at a favorable level for Russian exporters to sell FX in order to raise rubles for tax payments today, we think the local currency may manage to advance to 64.4 and perhaps even 64.0 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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