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RUSSIA: USD/RUB Falls to 4-Month Low Amid Low Importer Demand for Forex

RUSSIA
BulletEM BulletEmerging Market News
  • USDRUB on the MICEX exchange fell to a 4-month low of 88.3200 yesterday, which Kommersant’s “analysts” attribute to weaker demand for forex from importers and continued supply from both exporters and the central bank. The newspaper add that the exchange rate could drop below 88 but will likely rebound to over 92 in June.
  • Separately, President Putin paid a state visit to Uzbekistan on May 26-27 and held talks with President Mirziyoyev. The two discussed cooperation on energy, including nuclear, as well as agriculture, innovation and migration, according to Vedomosti. The countries aim to triple bilateral trade to $30bn, while planning to increase Russian gas exports to Uzbekistan through Kazakhstan to 11 bcm in 2025.
  • There are no data releases scheduled for today. Industrial production figures (Est: +4.0% y/y; Prior: +4.0%) will cross tomorrow and provides the highlight this week.
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  • USDRUB on the MICEX exchange fell to a 4-month low of 88.3200 yesterday, which Kommersant’s “analysts” attribute to weaker demand for forex from importers and continued supply from both exporters and the central bank. The newspaper add that the exchange rate could drop below 88 but will likely rebound to over 92 in June.
  • Separately, President Putin paid a state visit to Uzbekistan on May 26-27 and held talks with President Mirziyoyev. The two discussed cooperation on energy, including nuclear, as well as agriculture, innovation and migration, according to Vedomosti. The countries aim to triple bilateral trade to $30bn, while planning to increase Russian gas exports to Uzbekistan through Kazakhstan to 11 bcm in 2025.
  • There are no data releases scheduled for today. Industrial production figures (Est: +4.0% y/y; Prior: +4.0%) will cross tomorrow and provides the highlight this week.