Ruble Stems December Slide as Rabobank Sees Downside Risk in Oil
- RSI fell below 30 on Monday, signaling currency oversold
- Rabobank says potential for ruble to revisit 2014 intraday low
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Russia’s ruble stabilized near a record-low close as a technical indicator signaled this month’s drop had gone too far, while Rabobank warned of further declines if oil resumes declines.
The currency, which has weakened 6.7 percent against the dollar this month, appreciated less than 0.1 percent to 71.17 to the dollar as of 6:55 p.m. in Moscow, trimming an earlier advance of as much as 0.4 percent. Brent crude climbed for the first time in five days, rising 0.3 percent from an 11-year low to $36.45 per barrel.