Russia FX/Rates Snapshot - May 23, 2019
The ruble was supported yesterday by exporters selling hard currency (to raise rubles for the upcoming tax payments), as well as by foreign demand for OFZs. The local currency strengthened to 64.15 by midday, but the U-turn in global markets made the ruble retrace. It ended up unchanged for the day. Yesterday's late weakness in the ruble is continuing this morning amid the global risk-off. The local currency is down to 64.45 against the dollar. Today, we expect the ruble to trade in the 64.40-64.60 range amid a stronger dollar globally, although the continuation of FX selling by Russian exporters will provide support.
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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