No Ruble Tripwire Seen for Russia as Currency Strains Mount
- Ruble rally raises possibility authorities may counter gains
- Citigroup sees no argument in favor of ‘imminent intervention’
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The ruble is settling in a range where the Bank of Russia purchased foreign currency in 2015, but this time policy makers are looking the other way.
The central bank would probably consider currency interventions only after it resumes interest-rate cuts early this year, according to Bank of America Corp. The ruble remains “broadly in line with oil prices” and other measures of its fair value, “arguing against an imminent intervention,” Citigroup Inc. analysts said. The Russian currency traded below 60 against the dollar for a sixth day on Wednesday, the strongest since July 2015.