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Ruble Extends Post-CBR Gains

RUB
  • The ruble has continued to steadily appreciate against the greenback, with the USDRUB MICEX exchange rate now over 2% lower on the day and below the 95.00 handle. The pair sits around 7% shy of the high seen printed on Monday prior to the announcement of the emergency key rate meeting.
  • Nevertheless, the FT reported earlier that Putin will hold a meeting with policymakers to discuss additional measures to further reign in recent RUB weakness. One such measure would require exporters to sell up to 80% of their foreign currency revenue within 90 days after delivery.
  • Elsewhere, Russia’s benchmark IMOEX index has shed 2.4% today having printed a fresh multi-year high Monday.

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