CBR-Ruble strengthens considerably in October for first time in 2023

The ruble strengthened on the back of the Bank of Russia key rate increase and a rise in foreign currency sales by exporters.

At the end of September, the portion of yuan in export revenues came in at 32% to hit the historical record of $11.6 billion in absolute terms.

Following the Bank of Russia's decision to increase the key rate in October, there was a drop in yields on 7Y+ OFZ. This implies that market participants are expecting inflation to fall over a long-term horizon. In October, OFZ yields grew by 54 basis points on average.

As of the end of the month, the MOEX index went up by 2.2% to 3,201 points, and the RTS index - by 7.2%.

Further details are available in the new issue of the Financial Market Risks Review.