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The ruble played out the imposed sanctions before they were announced



The main event that influenced the market this week was the tightening of the US sanctions rhetoric against Russia. This includes the possible imposition of sanctions on the Russian government debt: since June, non-residents will not be able to buy government bonds. As the market foresaw a similar situation, the prices for OFZ decreased slightly, but almost immediately returned to their previous level at high yields. A similar situation happened with the ruble. Now the dollar is trading at the level of 75.48 rubles, the euro – 90.34 rubles. Oil prices are currently quite high, around $ 67 per barrel of Brent, so there is no negative impact of the raw material factor on the ruble. But at the same time, we also do not see any prerequisites for strengthening the Russian currency. The “low” ruble is beneficial to exporters and therefore no serious steps will be taken to strengthen it in the near future. Next week, we forecast a change in rates in the range of 75-76 rubles / dollar. and 90-91 rubles / euro ._______________ Vladimir Zotov, Chief Operating Officer of the Treasury, Ural Bank for Reconstruction and Development (UBRD)

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