Ruble Weakens to Record as Oil Compounds Fed; Russia Stocks Drop
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The ruble dropped to a record, pressured by lower oil prices and concern the outlook for Federal Reserve interest rates will damp risk appetite. Russian stocks capped the longest losing streak since July.
The currency weakened 0.7 percent to 38.67 per dollar at 6:59 p.m. in Moscow. The Micex Index fell for a fourth day, losing 1.3 percent to 1,412.83. AFK Sistema extended the biggest weekly slide since 2008, declining 3.4 percent after the arrest of the investment company’s billionaire owner Vladimir Evtushenkov on Sept. 16. Diamond maker OAO Alrosa lost 3 percent after its chief executive officer stepped down.