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USDRUB Extends Bounce Off Mid-Jan Lows Following CBR Hold

RUB
  • USDRUB on the MICEX exchange rose slightly following the rate decision, and has since touched 93.00 in recent trade. The pair had already been trading 0.4% in the green prior to the rate announcement, extending the bounce off the mid-January lows to around 6%. Bulls will target 93.56, the Dec 07 high, next.
  • While the central bank decision and policy statement itself offered little new information of note, the CBR revised its forecast for 2024 GDP higher – to 1-2% from 0.5-1.5% - though this did little to limit any RUB losses.
  • Commerzbank noted earlier today that adverse developments in the oil market have been the main factors behind recent RUB weakness.
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