Emerging Currencies Gain in April as Ruble, Real Climb With Oil
- Rally needs `new catalyst' to extend further: Credit Agricole
- Rally in energy companies outweighs declines in tech stocks
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Emerging-market currencies posted a third monthly advance as oil rallied to more than $48 a barrel, propelling gains in exchange rates from Russia to Colombia.
The MSCI Emerging Markets Currency Index rose 0.9 percent in April. The ruble extended the best start to a year on record as Russia’s central bank left borrowing costs on hold, while bonds gained as policy makers signaled they may restart interest-rate cuts at an upcoming meeting. Colombia’s peso rose 0.9 percent on Friday, pushing its gain in April to 5.3 percent, the most in developing nations. A gauge of technology companies retreated, offsetting a rally in energy stocks.