Crude’s Slide Weighs on Emerging Currencies Before OPEC Meeting
- Russian bonds fall after government auction misses goal
- China’s yuan draws close to five-year low reached in January
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Developing-nation currencies from the Colombian peso to Russia’s ruble weakened and energy stocks slid for a second day as oil prices dropped before OPEC’s meeting this week.
The MSCI Emerging Markets Currency Index ended the session little changed after falling as much as 0.2 percent. Colombia’s peso fell to a two-month low after the central bank scrapped its foreign-exchange intervention mechanism last week. The ruble slid 0.4 percent, paring this year’s gain to 9.9 percent. Mexico’s peso and the Malaysian ringgit dropped 0.4 percent. A gauge of developing-nation energy stocks fell to a one-week low.