FLRU - The Russian Ruble: Flat Instead Of Growth As A Sign Of Fundamental Weakness
- Rising oil prices, positive statistics on COVID-19, and expected post-crisis recovery across EM often serve as an explanation for the increased attention of traders to the ruble this year.
- However, compared to other emerging economies, Russia is less likely to recover quickly after the pandemic.
- Assuming no further growth in oil prices and subdued figures of the most significant macroeconomic indicators in Russia, we suppose the USD/RUB pair may rise to 76.00 and beyond.
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The Russian Ruble: Flat Instead Of Growth As A Sign Of Fundamental Weakness