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USDRUB Steadies Around 93.00

RUSSIA
  • USDRUB on the MICEX exchange has steadied around the 93.00/94.00 region on Monday, though some analysts have said additional measures may be needed to return the exchange rate to the 80-90 range authorities deem acceptable. Authorities were discussing bringing back the compulsory sale of foreign currency revenues for exporters, five sources told Reuters. Two sources subsequently said FX sales were being increased informally, with exporters being told to sell as much as possible and provide weekly updates.
  • Bloomberg report that preparations are already underway for Vladimir Putin to secure a fifth term in the March 2024 elections, even as anxiety about the future spreads among senior officials and business tycoons, according to four people close to the Kremlin. The CBR’s emergency interest rate hike was not just a response to the latest fall in the RUB but part of a wider effort to subdue inflation before the vote, said one of the people and a second person close to the government.
  • Russia’s robotic spacecraft Luna-25, that was due to land on the moon’s south pole on Monday, crashed after failed attempt to enter correct pre-landing orbit, Bloomberg report.
  • There are no notable releases on the docket today. Industrial production (Est: +5.6% y/y; Prior: +6.5%) is the highlight of the week on Wednesday.
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