Ruble Drops to Record in Worst Month in Five Years as Bonds Fall
This article is for subscribers only.
The ruble tumbled to a record low in its worst month in more than five years as a slump in oil threatened to deepen Russia’s economic slowdown. Stocks fell with bonds while credit risk climbed to a three-year high.
The ruble weakened 3.5 percent to an all-time low of 50.4085 per dollar in New York. The dollar-denominated RTS stock index slid 3.2 percent to the lowest since July 2009. The yield on 10-year government bonds rose to a five-year high as of 7 p.m. in Moscow and the cost of insuring the country’s debt against default increased for a fifth day to the highest price since October 2011.