Ruble Catching Up With Oil Rally Posts Third Weekly Advance
This article is for subscribers only.
The ruble posted the longest stretch of weekly gains in nine months and Russian bonds extended the biggest advance in emerging markets, buoyed by oil above $60 a barrel.
Russia’s currency has appreciated 2.4 percent in the past five days, advancing for the third week against the dollar. The biggest driver of the appreciation is the rebound in Brent crude, the grade used to price Russia’s main export blend, from six-year lows, which bolstered the outlook for an economy poised for its first recession since 2009.