Ruble Weakens Most Among Peers as Oil Adds to Pressure of Fed
- Emerging market currencies fall on hawkish Fed minutes
- Promsvyazbank sees rebound to 63 vs USD after current ‘scare’
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The ruble declined the most among developing-nation peers as it ceded to retreating oil and pressure on emerging markets from the prospect of a Federal Reserve interest-rate increase.
The Russian currency weakened for a second day, falling 1.8 percent to 67.155 against the dollar by 6:14 p.m in Moscow. Brent crude, the benchmark for pricing the country’s export staple, fell 2.8 percent after U.S. stockpiles unexpectedly increased. That weighed on appetite already depressed by hawkish statements from Fed officials hinting at higher borrowing costs next month.