USD/RUB: Rouble to gradually weaken in the year ahead – MUFG USDRUB RussianFederation Banks
RUB has benefitted from record current account surpluses
“The CBR has now more than fully reversed the initial emergency rate hike delivered just after the Ukraine conflict started. It sends a further clear signal that the CBR its now more concerned about disinflation risks including those posed by a stronger rouble. However, we do not expect lower yields in Russia to trigger a significantly weaker rouble while capital controls remain in place limiting outflows.
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