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USDRUB Extends Decline Following Key Rate Hike

RUB
  • USDRUB extended its decline following the CBR key rate decision, dealing around the 96.00 level. Nevertheless, the RUB is still among the three worst performers in developing economies this year with a loss of over 22% against the dollar.
  • Yesterday, the pair broke the psychological 100.00 level for the first time since Russia’s invasion of Ukraine and rose further to pierce the 101.00 handle before paring gains on the announcement of the emergency CBR meeting in the afternoon.
  • The benchmark IMOEX equity index shed over 3% on the announcement yesterday having traded to a fresh multi-year high prior, and dropped further today following the decision on the key rate. Overall, the index still sits roughly 1% higher on the day.

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