The RUB is in line with the oil market trend, however, in the previous sessions it surpassed the commodity market. Speculation against the RUB is seen increasing as risk- off sentiments continues to prevail in the markets. In October, the RUB hit a high of 60.76 against the USD and entered a downtrend after a short period of consolidation. Currently USD/RUB trades at 81. 01 levels, after making a low of 79.62. (At the time of writing)
Since the beginning of this year the RUB has lost steam, while other emerging markets and commodity currencies remain in single-digit negative zone. As compared to other currencies, the performance of the RUB has been disappointing so far this year as it has been sensitive to the price movements in the oil markets.
