USD/RUB hits new highs amid low oil prices - UBS

FXStreet (Córdoba) - The UBS analyst team notes that ruble will likely remain under pressure in the near term as oil price has evolved as the most important driver.

Key Quotes

“On Monday, the ruble depreciated significantly against the US dollar (5% at the time of writing) and USD/RUB temporarily hit levels of 53.9 - new historical highs”.

“The low oil price has evolved as the most important driver of the ruble and will likely keep it under pressure in the near term”.

“We expect further volatility and risks are skewed towards further depreciation”.