| The ruble slid with the price of crude as Citigroup Inc. said the currency looks expensive compared with Russia’s main export earner. The ruble weakened 0.3 percent to 64.87 against the dollar by 5:39 p.m. in Moscow, trimming the second-best advance in emerging markets this year.
The 60-day correlation between oil and the ruble dropped to 0.56, near the lowest in a year. A reading of 1 would mean the two trade in lockstep. The Russian currency has climbed 0.7 percent this month, compared with a 3.4 percent drop for oil, a mismatch that reduces the amount of local currency the government collects from each barrel of oil sold for dollars abroad.............................................Full Article: Source
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