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USDRUB Breaks Below 93.00 Level

  • The ruble has continued to steadily appreciate against the greenback, with the USDRUB MICEX exchange rate now below the 93.00 handle. The pair sits over 8.5% shy of the cycle high seen printed on Monday prior to the announcement of the emergency key rate meeting.
  • The move lower comes despite Vedomosti reporting that the Russian authorities decided against tightening capital controls for the time being after Putin’s meeting with financial and economic officials. Proposed measures would have required exporters to sell foreign currency within 90 days of delivery.
  • Elsewhere, Russia’s benchmark IMOEX index sits flat having dropped almost 2% yesterday.

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