File - Stabilizing oil prices have propelled Russia’s ruble to the best performance in emerging markets.
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The ruble climbed to the strongest level this year as stabilizing oil prices and a cease-fire in Ukraine propelled the currency of the world's biggest energy exporter to the best performance in emerging markets.The Bank of Russia lowered its key rate by 200 basis points to 15 percent in January after raising it six times last year, including a 6.5 percentage-point increase in December to defend the ruble and counter market turmoil.Forward-rate agreements compiled by Bloomberg show expectations for a 160 basis-point reduction in benchmark borrowing costs in the next three to six months, up from 47 basis points at the start of the week. Five-year government notes rose for a fourth day, reducing the yield 16 basis points to 13.55 percent, the lowest in almost two weeks.
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