In March, the ruble appreciated while maintaining volatility. This trend was supported by favorable export-to-import ratios, ruble asset demand, and the US dollar’s decline in the global market.
Despite these factors, the MOEX Russia Index fell by the end of the month due to geopolitical tensions and a moderate monetary policy stance. Concurrently, there was a shift of investments from money market funds to shares.
OFZ yields began rising mid-March but saw a decline by month’s end. Global uncertainties and US import duties on several countries drove up gold prices, achieving the highest ruble returns over the month.
For further details, refer to the latest Financial Market Risks Review.
