Economics
Russia’s Ruble Catches a Break as Crude Surge Offsets Syria Woes
- Russian currency extends its rebound as bond yields drop
- Credit Suisse: ruble selloff went too far, but risks remain
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The ruble bounced back from the lowest level since 2016 and bonds climbed as rising oil prices outweighed U.S. and Russian brinkmanship in Syria.
The currency was the sole gainer among major emerging markets on Thursday as traders reasoned that the slump caused by geopolitical uncertainty had gone too far. The flipside of the escalation in Syria is also that it has pushed up the price of crude, Russia’s main export earner.