Ford drives hike in car production in Romania
1 day ago
On July 31, the ruble took the most significant plunge among emerging-market currencies due to aggravated geopolitical risks over Russia's expulsion of US diplomats.
The ruble continued to fall for a third day in a row, losing 1.2% against the U.S. dollar to 60.2550 per dollar.
Meanwhile, government bonds also plummeted, driving the 10-year yield higher by 9bps.
The RTS stock market index also dropped back below the 1,000 market.
The ruble is underperforming as global investors convert dividends from Russian companies into foreign exchange, and on relatively weak international demand for Russian government bonds amidst geopolitical risks, VTB Capital said in a research note.
The oil price did little to support the Russian currency as Brent oil went up to RUB3,172, the highest level in ruble terms since April.
"Uncertainty [is] now as to what the leg down again in Russia-US relations means for the Russian economy," BlueBay said. "Are we heading into a tit-for-tat of sanctions strike, and counter strike?"
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