Russia ADRs Fall Most in Five Years on Ruble’s Plunge
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Russian stocks slid the most in five years in the U.S. as concern mounted that plunging oil prices and a weakening currency will further harm an economy already forecast to fall into a recession next year.
The Bloomberg Russia-US Equity Index dropped 11 percent in New York yesterday, an eighth day of declines and its longest losing streak since October 2008. Oil producer OAO Surgutneftegas sank the most on the gauge, losing 22 percent. Crude fell to a five-year low as the United Arab Emirates said OPEC won’t rein in production. Russia’s central bank raised its benchmark interest rate to 17 percent from 10.5 percent after the close of stock trading as the ruble slid below 64 per dollar for the first time.