Ruble Snaps 5-Day Streak as BofA Says Rally Has Little Life Left
- Lower rates would jeopardize second-best emerging-market rally
- Survey of economists tips in favor of half-point cut Friday
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The ruble weakened for the first time in six days as Bank of America Corp. said it’s time to pare back holdings because of the risk of an interest-rate cut Friday.
Russia’s currency lost 0.9 percent against the dollar to 64.21 by 5 p.m. in Moscow, following a 15 percent rally this year, the second-best performance among emerging-markets peers. Bank of America strategists led by David Hauner forecast a depreciation to 65 per dollar after June.