Ruble Gains Most Among Major Currencies on Oil and Rate Outlook
- Derivatives traders have pared their bets for rate cuts
- Russia gets almost 60% of export revenue from oil, natural gas
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Russia’s ruble gained the most among major currencies as oil advanced and investors speculated the central bank will refrain from cutting the highest interest rate among key emerging markets in Europe, the Middle East and Africa.
The currency advanced 1.2 percent against the dollar to 65.8232 as of 7:27 p.m. in Moscow, the biggest gain among 31 leading countries tracked by Bloomberg. Crude oil rallied 2.8 percent to $45.71 a barrel in London. The Bank of Russia will keep its benchmark borrowing costs at 11 percent for the sixth meeting in a row on Friday, according to the median of 29 estimates in a Bloomberg survey.