Russia FX/Rates Snapshot - October 27, 2021. Ruble Has Renewed Local Highs, but Further Strengthening Unlikely
The ruble has softened slightly this morning, following the oil price. Tomorrow, exporters are scheduled to make further large tax payments, with about R0.7 trln due in profit tax. We therefore anticipate more FX selling by exporters, though it should soon decline, with FX demand likely to re-emerge. In these conditions, we would expect the ruble to weaken slightly to 69.8, and then return to 70 to the dollar by the weekend.
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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