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USD/RUB Gains in Monday Trade as Default Concerns Swirl

RUSSIA
  • USDRUB holds just above the 80.00 handle in recent trade, with concerns surrounding Russia’s potential default status driving sentiment in the second half of Monday trade. Nonetheless, USD/RUB remains comfortably off recent highs, and is in closer range of the lowest levels printed since late February (last week), having hit 76.1853 before stabilising.
  • Focus remains on any potential oil/gas sanctions against Russia, which would be the most damaging economically, but also face a number of obstacles with EU members still notably reliant on Russian exports.

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