Russia FX/Rates Snapshot - October 26, 2021. Ruble Set for Correction After Sharp Rise
The ruble continues to strengthen this morning, refreshing local highs. However, further gains are unlikely, in our view, as the positive factors have already played out - the tax period is almost over, the rise in commodities prices has come to a halt and CBR tightening has largely been priced in. Meanwhile, at the current levels a pickup in demand for FX should be expected. Against this backdrop, we see the ruble retreating back to the 70 mark today.
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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