Ruble strengthens considerably in October for first time in 2023
9 November 2023
News
The ruble strengthened on the back of the Bank of Russia key rate increase and a rise in foreign currency sales by exporters.
At the end of September, the portion of yuan in export revenues came in at 32% to hit the historical record of $11.6 billion in absolute terms.
Following the Bank of Russia’s decision to increase the key rate in October, there was a drop in yields on 7Y+ OFZ. This implies that market participants are expecting inflation to fall over a long-term horizon. In October, OFZ yields grew by 54 basis points on average.
As of the end of the month, the MOEX index went up by 2.2% to 3,201 points, and the RTS index — by 7.2%.
Further details are available in the new issue of the Financial Market Risks Review.
Preview photo: Henadzi Pechan / Shutterstock / Fotodom