Russian Ruble: Trade boost from Oil seen fading – Commerzbank
Commerzbank’s Tatha Ghose reports Russia’s June merchandise trade surplus rose to USD 12.5bn, up over 50% year-on-year, as higher Oil prices and improved Urals pricing supported exports.
Commerzbank's Tatha Ghose reports that Russia's June merchandise trade surplus rose to USD 12.5bn, a 52.3% year-on-year increase, due to higher oil prices and improved Urals pricing supporting exports. While the IMF's trade data also confirm a jump in exports and surplus by April, Ghose warns that the improvement may be temporary and could fade as export prices ease. With the USD/RUB exchange rate only loosely tied to fundamentals, Ghose anticipates that the Ruble will continue to depreciate throughout the coming year.
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