EUR/RUB to climb towards 100 and even above – Nordea

The Russian ruble faces depreciation pressure and the Russian central bank has started interventions in the foreign exchange market. Analysts at Nordea think the pair could climb even beyond the 100 level.

Russian central bank to intervene in the FX market

“We expect the ruble to face depreciation pressure in the coming weeks, while the central bank will keep intervening in the FX markets.”

“Earlier, we estimated that in a ‘clear escalation’ scenario EUR/RUB could stabilise at a level around 95 after the initial shock. The current situation is worse than we assumed in our scenario, and as a result, EUR/RUB is expected to climb towards 100 and even above that but the uncertainty is extremely high.”