Ruble Extends Weekly Slide as OPEC Said to Raise Output Target
- Currency was `too strong relative to oil,' Kapital Says
- Oil producers Gazprom, Rosneft lead Russian stocks lower
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The ruble headed for the biggest weekly drop in emerging markets after oil producing nations in OPEC were said to agree on an expansion of output, pushing the price of Russia’s main export lower.
The currency fell 1 percent against the dollar to 68.0920 by 5:50 p.m. in Moscow, taking its decline this week to 2.6 percent. The price of Brent, the benchmark for Russia’s main export blend, neared a six-year low Friday after OPEC set a new oil-output ceiling of 31.5 million barrels a day, according to a delegate with knowledge of the decision.