Ruble at 1-Year High May Gain More, Credit Suisse, BlackRock Say
- Russian currency preferred over lira, rand amid oil’s recovery
- Correlation with crude has risen from one-year low in August
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The ruble extended the biggest gains among its emerging-market peers in the past month as Credit Suisse Group AG and BlackRock Inc. said oil’s recovery signals the rally has further to run.
The currency of the world’s biggest energy exporter rose for a second day, strengthening 0.3 percent against the dollar to 62.2725 by 6:23 p.m. in Moscow as Brent crude traded near a four-month high. The ruble’s 3.7 percent advance in the last month is almost double that of Indonesia’s rupiah, the second-best performer during the period, according to data compiled by Bloomberg.