USD/RUB: Gradual RUB comeback – Nordea

The RUB was rapidly recovering after the coronavirus-related sell-off in March. However, the recent oil price crash has shown that the RUB is still vulnerable to oil market fluctuations, per Nordea.

Key quotes

“Even though the RUB will not gain any support from the oil market until demand revives, the gradual opening of countries and recovery of the world economy, backed by crazy monetary and fiscal stimuli, may support the RUB in H2 2020.”

“We expect a less rapid recovery of the RUB, given the longer-than-expected time the world economy needs to reach previous activity levels.”

“The RUB may reach levels of 72 against the USD and 80 versus the EUR by the end of June.”