Ruble grows while stock market starts falling in March
In March, the ruble continued to appreciate, while remaining volatile. This positive trend was supported by a favourable ratio of export revenues to import payments, demand for ruble assets, and the US dollar plunge in the global market.
Against the backdrop of the current geopolitical situation and the monetary policy signal, which was kept moderately tight, the MOEX Russia Index was down at the end of the month. Simultaneously, there was a slight shift in investments from money market funds to shares.
OFZ yields began rising in the second half of March, but declined as of the end of the month.
Global uncertainty and the import duties imposed by the US against a number of countries pushed up prices for gold, which offered the highest returns in rubles over the month.
More details are available in the new issue of the Financial Market Risks Review.