From Bloomberg:
Russia’s ruble strengthened the most in a week as data showed a worldwide glut in crude may be abating, spurring appetite for assets in the world’s biggest energy exporter.
The currency appreciated 1.5 percent to 65.522 against the dollar by 5:05 p.m. in Moscow after slumping 2.8 percent on Wednesday. Brent crude advanced 3.7 percent to $46.26 per barrel after data showed U.S. production fell the most in eight months, helping recoup losses in the first three days of this week.
The ruble has gone from being the worst-performing currency in emerging markets at the start of 2016 to the biggest gainer alongside Brazil’s real as oil, the country’s biggest export earner, rebounded. Further gains may be tempered if U.S. jobs data on Friday is strong enough to prompt the Federal Reserve to raise borrowing costs in June, Rabobank said, an outcome which two senior U.S. policy makers hinted at this week.
