Ruble Has Biggest Monthly Gain Since 2008 Crisis on Irish Debt
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The ruble had its biggest monthly advance against the euro since the start of the 2008 global financial crisis as the prospect of higher interest rates and a worsening of Europe’s debt crisis lured investors.
Russia’s currency hit a two-month high of 40.79 per euro today, and gained 0.4 percent to 40.98 by the 5 p.m. close of trading in Moscow. Today’s gains capped off a 4.5 percent surge against the euro in November, the biggest monthly advance since October 2008, after Lehman Brothers Holdings Inc.’s collapse triggered the global credit crisis.