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The RUB is being hit hard by the current global market developments and risks remain elevated, economists at Nordea apprise. USD/RUB is trading at 80.353.

Key quotes

“We expect downside risks to prevail for the RUB in the coming month with the trajectory of the number of new coronavirus cases being the key determinant of global risk sentiment and RUB dynamics.”

“An unfavourable oil market environment limits the upside potential for the RUB in the coming months even if risk sentiment improves.”

“We still believe the RUB can regain some ground in the second half of the year to levels around 66 against the USD.”