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
This article is for subscribers only.
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.