Ruble Sinks as Nordea Sees Deeper Slump on Kazakh Contagion, Oil
Will Oil, China Drive Putin to Desperate Measures?
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Russia’s ruble sank to the lowest level in more than six months, prompting Nordea Bank JSC to predict further losses after neighboring Kazakhstan devalued its currency and oil extended its decline.
The ruble dropped for a sixth day, retreating 0.9 percent to 67.20 against the dollar at 5:30 p.m. in Moscow, the weakest since Feb. 4 on a closing basis. Local currency government bonds fell for a fourth day, lifting the five-year yield 30 basis points to 11.6 percent, the highest since April 7. Stocks gained.