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Economic Spotlight 28/06/2023
* The ruble was little changed against foreign currencies yesterday, ending the day at USD/RUB 85.06 and CNY/RUB 11.79.
* FX volumes on MOEX decreased by 16% to RUB 327 bln amid a 31% fall in USD turnover to RUB 107 bln and 19% contraction in the yuan to RUB 143 bln. Volumes in the euro, by contrast, jumped by 42% to RUB 75 bln, the highest level since the end of April.
* We still expect the ruble to strengthen moderately amid tax payments.