The Russian currency reacted very calmly to a decrease in the CBR rate by 0.50% and to signals of readiness to continue easing policy, and Nomura analysts believe that it should not be surprising. The bank notes that even at 8.50% real rates remain attractive enough for investors and will continue to maintain the exchange rate, especially since oil prices have recently gone up again. However, given the vector of the central bank’s policy (in Nomura expect another two drops of 0.25% this year), the bank does not see reasons for the ruble rally and, following the forecast at the dollar-ruble exchange rate for the fourth quarter at 60.00, to 60.50 in the first and to 61.00 in the second quarter.
Nomura: attractive rates will continue to support the ruble
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