Ruble Volatility Drops on Bets Authorities Managing Currency

The ruble’s volatility declined for the sixth day, reaching the level last seen before the Bank of Russia declared the currency free-floating in October, as investors bet the central bank is managing the exchange rate.

Price swings are stabilizing after the country’s monetary authorities effectively switched to a “dirty float” mechanism to keep the ruble in a “comfortable” range of 55-60 per dollar, Yury Tulinov, the head of research at PAO Rosbank, said. The currency strengthened 0.3 percent to 56.8570 per dollar by 5:52 p.m. in Moscow, extending the biggest advance among peers this year.