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Ruble Worst-Hit in Developing World Selloff Sparked by China

  • Currency hurt by sentiment on global markets and crude: Nomura
  • Trading closed in Russia on Thursday, Friday for holiday

The ruble dropped most among emerging-market currencies as tumbling oil prices exacerbated a selloff in riskier assets hit by China’s decision to let the yuan slip to a five-year low.

Russia’s currency fell 1.9 percent to 74.6555 against the dollar by 5:34 p.m. in Moscow, heading for a record close and bringing its loss in the last 12 months to almost 18 percent. Brent crude, used to price the nation’s main export blend, declined 4.4 percent to $34.78 a barrel, an 11-year low.