Ruble Weakens as Crude Oil Drops, Morgan Stanley Cuts
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The ruble weakened against the dollar as oil declined and Morgan Stanley cut the Russian currency to neutral from overweight. Russian Eurobonds fell to the lowest in more than five months.
The ruble declined 0.4 percent to 29.9750 against the dollar by 7 p.m. in Moscow. Yield on Eurobonds maturing in April 2042 rose six basis points to 4.58 percent. The yield has risen 41 basis points from a record low of 4.17 percent on Dec. 3.