Russia FX/Rates Snapshot - July 12, 2021. Ruble Looks Set to Continue Recovering
We expect the ruble to continue recovering this week, returning to the USD/RUB 73 mark. One reason for this is that we think the dollar will continue to give back some of its recent gains versus global currencies as concerns over the new Covid strain move to the backburner. Second, big dividend payments are due from Russian exporters this week. Lukoil and Alrosa will distribute R148 bln and R70 bln, and we think both will need to sell hard currency to make these payments. Finally, the ruble has become relatively attractive to foreign investors after its underperformance versus EM peers last week.
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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