Vladimir Miklashevsky, Senior Economist at Danske Bank, noted the medium term bullish perspective for the Russian currency.
“Markets have abandoned geopolitical fears considering more upside than downside risks are likely for the RUB”.
“Yet, an excessively strong RUB given the current crude price could cause sudden FX purchases by the CBR or the Ministry of Finance”.
“Given our bullish Brent view (USD58/bl at end-2017), we stay moderately bullish on the RUB”.
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