Economics
Ruble Drops to Month Low on Oil Slide as Russia Pulls Bond Sale
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The ruble slid to a month low as tumbling oil prices threaten to deepen the economic slump in the world’s biggest energy exporter. The government canceled a debt sale as yields on Russian bonds jumped for a second day.
The currency lost 4 percent to 65.79 per dollar by 8:01 p.m. in Moscow, the lowest since Dec. 17. The yield on five-year ruble-denominated bonds rose 96 basis points to 17.64 percent. The Finance Ministry said it won’t proceed with a bond sale tomorrow, after pulling more than 20 auctions last year as sanctions over Ukraine and oil’s plunge spurred borrowing costs.