Russia's currency performed better than its emerging-market peers last week, falling 0.5 percent versus the dollar, compared to 1.9 percent losses in the South African rand, a 2.1 percent slide in the Turkish lira and a 4.6 percent fall in the Indian rupee.
"We remain bearish on the ruble from a medium-term perspective, as Russian fundamentals are deteriorating and the Central Bank continues to focus on boosting ruble liquidity and is moving closer to easing policy rates," BNP Paribas said in a note.
"In the meantime, however, the ruble remains supported by stable oil prices." BNP forecasts that the ruble will decline to 33.75 to the dollar by the end of the year.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
