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USDRUB Little Changed; PPI Data on the Docket

RUSSIA
  • USDRUB starts the session flat around the 97.00 region following yesterday’s emergency 350bp rate hike. The benchmark MOEX equity index sits almost 1% lower, extending its decline from recent cycle highs.
  • The Russian Finance Ministry revealed yesterday that the export duty on the country's oil is set to increase by $4.5, bringing it to $21.4 per tonne, effective from September 1. The decision comes as part of Russia's efforts to adjust its fiscal policies and manage its energy exports.
  • Kyiv’s head of military operations in the Odesa region said Russia hit one of Ukraine’s ports on the Danube river in an overnight attack on Wednesday. He added that Russia was deliberately targeting grain infrastructure in the Odesa region’s south.
  • Federal Statistics Service will report PPI data for July and weekly CPI data at 1700BST/1900 local time.

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