Ruble Strengthens Most in Emerging Markets as Volatility Jumps
- One-month historical price swings rise to 6-month high
- Rabobank sees China, Fed determining ruble movements
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The ruble strengthened the most in emerging markets amid wagers the Federal Reserve will hold off raising interest rates this week.
The ruble strengthened 0.9 percent to 66.889 against the dollar at 5:38 p.m. in Moscow, even as crude oil, Russia’s biggest export earner, slid 0.2 percent in London to $46.30 a barrel. Odds that the Fed will raise borrowing costs were at 28 percent, down from more than 50 percent before China’s surprise yuan devaluation last month.