Russia FX/Rates Snapshot - October 21, 2019
The ruble underperformed peers for most of Friday, as USD/RUB was well bid and failed to decisively break below strong support at 64. However, the situation changed in the evening, and the ruble quickly appreciated by 0.5%, catching up with its peers. This morning, it has attempted to appreciate further, and we expect USD/RUB to test the next strong support level at 63.6, as exporters have started increasing FX sales ahead of tax and dividend payments this week, while a foreign-driven rally in ruble rates and OFZs will likely continue following the CBR's dovish comments on Friday.
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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