Ruble Extends Year’s Worst Losing Streak as Oil Trades Below $45
- Currency catching up with crude after verbal interventions
- Bonds fall, pushing five-year yields to highest in two weeks
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The ruble extended its worst losing streak of this year, pressured by verbal intervention from government leaders and crude trading below $45.
The Russian currency dropped 0.9 percent to 65.9937 against the dollar by 6:46 p.m. in Moscow, the lowest in a month, and extended a six-day decline to 5 percent. Though the ruble depreciated 3.1 percent in July, it still outperformed a near 10 percent drop in crude. The money Russia earns in local currency from each barrel of oil, increased 1 percent to 2,955 rubles.