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USD/RUB will remain primarily a function of the direction of oil prices, according to analysts at Credit Suisse. Nordea agree to see the ruble vulnerable to oil market fluctuations. 

Key quotes

“As oil markets continue to rebalance there is a good chance that USD/RUB will remain under downward pressure for now. Such price action would be consistent with a further decline in implied USD/RUB volatility.”

“We think that a drop in USD/RUB to 70-71 (a level that was last recorded in the middle of March) would require another jump in oil prices – of the order of $5/bbl.”