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USD/RUB BGN Tests 100, But Potential April Default Looms Large


FX/FI MARKETS (FX open, Stocks Closed)

  • Russia’s MOEX remains closed until the end of the week, while FX trading resumes today in illiquid conditions.
  • Today is D-Day on payment for a $117m interest payment on its USD-denominated debt, triggering a 30-day window period to pay in USD or be considered to be in technical default by ratings agencies.
  • A first potential default day is April 1st on the March 2, 2024, OFZ coupon, and a second on 15 April for the USD interest.
  • USD/RUB BGN trades +1.43% higher this morning, having fallen -10.17% yesterday to close around 107.49.
  • The cross traded within a 25.71% range (96.32-129.66) and is currently -17.48% below Friday’s close as negotiations seem to be holding promise and the CBR’s measures ensuring system stability for now.

MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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