The Russian currency remains the world's best performer by far versus the USD since the beginning of February, the main reason being the continued cease-fire in eastern Ukraine and the resulting calming on the EU/US sanctions front.
A clear further impulse is needed in the form of peace talks or an international peacekeeping force in eastern Ukraine, in order to secure a continued calming on all sides.
"The RUB should continue to stabilize especially as oil prices remain "supported" by more political noise out of the Middle East as the Saudi-led coalition continues to bomb rebel positions in neighbouring Yemen", said Commerzbank.
