RUB: Fallout from the US sanctions continues - BBH

Analysts at BBH note that the fallout from the US sanctions on Russia continues as RUB has lost another 2% today after losing over 4% on each day to start the week.  

Key Quotes

“USD/RUB trading at a high near 64.  This is the highest since November 2016 and on track to test that month’s high near 66.87.  Just to illustrate how far the ruble rallied after the worst of the Ukraine-related sanctions, the 67 area represents the 38% retracement objective of the big 2016-2018 move.  The high in January 2016 was near 85.96, and so we see scope for significant ruble weakness ahead.”