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Emerging Currencies Strengthen With Oil as Stocks Extend Gains

  • Russian ruble, Mexican peso rise; Argentina's peso slumps
  • Energy producers advance for fourth day as crude rebounds
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Oil Focus Shifts to Iran and Iraq

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Emerging-market currencies advanced, led by Russia’s ruble and the Mexican peso, as oil rebounded and equity markets from Poland to Brazil rallied.

The ruble, peso and South African rand each climbed at least 2.1 percent, offsetting declines in Asian markets spurred by China’s cut in the yuan’s fixing by the most in more than a month. The MSCI Emerging Markets Index rose for a third day. Brazilian stocks rose to a six-week high amid a rally in raw materials. The premium investors demand to own developing-nation bonds over U.S. Treasuries narrowed.