Ruble, Mexican Peso Slide as Crude Plunges Below Zero: Inside EM
- Oil decline came after Moody’s downgrade of Mexico, Pemex
- Emerging-market stocks slipped after posting gains on Friday
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The Russian ruble and Mexican peso tumbled Monday as oil futures plunged below zero for the first time.
The unprecedented sell-off hammered other commodity-sensitive currencies, including Brazil’s real and Colombia’s peso. Meantime, Petroleos Mexicanos bonds slid after Moody’s Investors Service slashed its rating to junk on Friday. MSCI’s emerging-market equity index also sank as stocks from Qatar to Saudi Arabia and Brazil declined.