Emerging Currencies Drop as Moody’s Cut Hurts Ruble; Lira Falls
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Emerging-market currencies fell the most in more than two weeks, led by the ruble and the lira, after Moody’s Investors Service cut Russia to junk and investors speculated Turkey will lower interest rates. Chinese oil stocks retreated.
The ruble led declines among 16 of 24 emerging-market peers, weakening 2.6 percent to 63.7045 a dollar in offshore trading as local markets were shut for a holiday. The lira lost