Ruble Extends Best Start to a Year on Record as $50 Oil Looms
- Bank of Russia may resume key rate cut at one of next meetings
- Ten-year bond yields drop toward lowest level since July 2014
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Russia’s ruble headed for a fourth month of gains, in the best start to a year on record, as oil moved closer to the $50 per barrel milestone and the central bank kept interest rates unchanged for a sixth meeting.
The world’s best-performing currency this year strengthened 1.1 percent to 64.0390 at 2:10 p.m. in Moscow after the Bank of Russia’s decision, which was in line with expectations. Government bonds rallied as policy makers said they may resume cutting the key rate at one of their next meetings and Brent crude climbed for a fourth day. The equity benchmark was set for the biggest monthly advance since February 2015.