Russian markets hit by multiple worries

RUSSIA / FSU POLITICS - In Brief 02 Oct 2020 by Alex Teddy
On October 2 Russian market slid. They had been faltering anyway but the news that Trump has coronavirus seems to have accelerated this trend. If Biden wins he is likely to be less friendly to Russia. The MOEX index fell by 2%. The USD denominated RTS Index lost 3%. That is its lowest since May 2020.The Russian stock market has lost over 25% of its USD value since the start of 2020. The RUB has also suffered down to low oil prices, the resurgence of coronavirus, the Belarus situation, the Nagorno-Karabkah Conflict and possible new sanctions because of Navalny. Benchmark Brent crude is down to USD 39. That is the lowest since 2020. The RUB is perceived as risky. It has lost 1.6% in the first 6 hours of trading on October 2. The Russian Central Bank (CBR) said it will boost foreign currency sales. The government has told state companies to get rid of surplus foreign currency holdings. That has allayed the near panic which gripped Russia last week. The RUB is now just below USD 80. 80 is a psychological barrier. The government was keen for people to know about its intervention.

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