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Ruble’s World-Defying Rally May Be in Last Days as Default Looms

  • Currency jumps as much as 71% from all-time low in March
  • Currency’s strength ‘man-made’ and won’t last: Wells Fargo
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What Would a Russia Bond Default Look Like?

The Russian ruble’s puzzling rally this month may be about to recede.

A wall of petrodollars, emergency capital controls and a mandate that exporters convert almost all their hard-currency revenue into rubles have all put one-way appreciation pressure on the currency. That has sent the onshore rate up as much as 71% this month from a record trough of beyond 121 per dollar in March.