Russia FX/Rates Snapshot - July 21, 2021. Risk Appetite Returns to Global Markets, Supporting Ruble
The local currency has opened slightly lower this morning as the dollar is strengthening globally. However, the losses look unlikely to continue due to the fact that the overall global backdrop continues to improve. For this week's OFZ auctions, the Finance Ministry kept the offer volume in line with last week at R20 bln, a rather conservative level when taking into account that its weekly borrowing need for the remainder of the year is R50 bln. The only bond to be offered this week is the 10y OFZ 26239 (July 2031).
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