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Emerging-Market Stocks Fall to 10-Month Low as Currencies Plunge

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Emerging-market stocks retreated to a 10-month low and currencies fell as oil extended its decline to the weakest level in five years. Russia’s ruble slid below 64 per dollar for the first time ever.

The Ibovespa dropped 2 percent as a report signaled that Brazil’s economy unexpectedly contracted in October. PTT Pcl, a Bangkok-based oil company, slumped 4.9 percent, dragging Thailand’s stock gauge down the most since January. China Mobile Ltd. fell to a seven-week low. Russia’s currency plunged to a record 64.445 per dollar before the central bank raised benchmark borrowing costs by 6.5 percentage points. Indonesia’s rupiah depreciated 2 percent.