Russia’s ruble posted a weekly gain against the dollar amidst the nation’s improving investment appeal as oil prices rebounded due to the dollar’s sudden weakness during the outgoing week, Sputnik reported. The US dollar is bound to post its largest one-month drop since June as the markets are gradually selling the news after the US Federal Reserve raised borrowing costs earlier this month. The Fed’s dovishness and the mixed performance indicated by US macroeconomic data are signaling that the pace of further monetary tightening may be slower than previously anticipated. While the currency markets have been betting against the greenback, oil prices have posted a weekly advance, propelling Russian bonds higher.
