Russia FX/Rates Snapshot - October 25, 2021. Elevated Oil Prices, Exporter FX Selling to Push Ruble to Test USD/RUB 70 Again
Although support for the local currency is coming from oil trading above $86/bbl, playing against it is the sharp 1.7% slide in the Turkish lira. We think the positive factors will end up prevailing today for the ruble - we note that Russian exporters may be set to sell significant volumes of FX ahead of tax and dividend payments that are due today and on Thursday, while oil may be set to rise further to $87/bbl.
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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