The ruble has been strengthening against major foreign currencies for six consecutive months. This trend is attributed to the attractiveness of Russian assets to households and businesses amid a tight monetary policy. The US dollar saw a decrease of 3.6% month-over-month, while the yuan fell by 2.8% month-over-month, reaching two-year lows.
Stock market prices continued their downward trend due to geopolitical uncertainty, with the MOEX Russia Index dropping by 3.1% by the end of May. As inflation slowed and the market anticipated a decline in the key rate, yields on OFZ and corporate bonds decreased.
Further information can be found in the latest issue of the Financial Market Risks Review.
