Traders turn to ruble NDFs to avoid sanctions trouble

Basis between physical and non-deliverable trades hits record high as users shun local currency


The costs of trading non-deliverable forwards (NDFs) on the ruble have surged compared to the physical versions, as traders look to the US dollar-dominated instruments to mitigate currency risks associated with Russia’s invasion of Ukraine.

“We favour ruble as an NDF in this situation as it minimises some of the risks which may exist as a result of political sanctions,” says an emerging markets investment manager.

FX forward levels consist of the spot rate plus forward points, which take into

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