Ruble Trades at May Peak as Rabobank Sees Sign Rally Is Flagging
- Micex retreats as Gazprom slumps on lower dividend report
- Brent crude in rubles brings fiscal targets within reach
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The ruble rose to its strongest level this month, prompting Rabobank Groep to point to signs the rally may be showing signs of fatigue.
Russia’s currency rose for a second day, taking it 0.4 percent higher to 64.657 against the dollar by 6:13 p.m. in Moscow. The ruble is flirting with the 64 level it hasn’t breached since Nov. 5, an important psychological barrier for traders, according to Piotr Matys, a strategist for emerging-market currencies at Rabobank in London. Oil has climbed 77 percent from a record low on Jan. 20, bolstering the currency of the world’s biggest energy exporter, but Matys said the gains are meeting resistance.