Ruble Leads Emerging-Market Decline as Iran Pushes Oil Under $28
- Correlation between Brent and ruble close to October high
- Russia investors watching Iran's capacity to deliver
Emerging Market Stocks Sink to Six-Year Low
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The ruble slumped the most among emerging-market peers as investors sold the currency of the world’s biggest energy exporter amid concern Iranian crude deliveries will extend an oil-market rout.
Russia relies on the oil and natural gas industries for almost half its budget revenue and collapsing crude prices have weakened the ruble 6.9 percent versus the dollar this year, the most among developing nations after South Africa’s rand. The Russian currency retreated 1.9 percent to 79.1120 against the dollar by 4:25 p.m. in Moscow, its lowest intraday level since Dec. 16, 2014, when falling energy prices and the conflict in Ukraine drove the ruble to a record low.