Economics
Deutsche Bank Sees Ruble Dip Temporary on Oil, Sanctions Outlook
- Crude will `grind higher,' lifting Russian currency, bank says
- Ruble weakens, catching up with oil slump during holidays
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The ruble weakened for a second day, trimming a three-month rally that Deutsche Bank AG says has yet to run its course.
While the currency depreciated 0.7 percent to 66.4030 per dollar by 5:40 p.m. in Moscow, Deutsche Bank strategists said the ruble is in a "prime position" to build on its 11 percent advance in 2016. The bank based its projection on a view that crude, Russia’s main export earner, will "grind higher" and for penalties imposed over the conflict in Ukraine to be lifted within "a year or so."