Ruble Climbs to Two-Month High as Crude Oil Extends Advance
- Danske, SocGen questioned whether deal would support gains
- Currency rose to level that Putin warned on strength in July
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Russia’s ruble climbed to a two-month high and stocks and bonds advanced as crude oil extended gains following OPEC’s deal to cut production.
After jumping 1.3 percent on Wednesday on the surprise announcement from the Organization of Petroleum Exporting Countries, the ruble gained 0.2 percent by 7:07 p.m. in Moscow to 62.9150 per dollar, the highest since July 19. The currency has appreciated 17 percent this year, the most after Brazil’s real in emerging markets, prompting policy makers including President Vladimir Putin to warn it may be getting too strong.