The rally that’s made the ruble the best-performing major currency in the past month is coming to an end as oil slides to a six-week low. The ruble is about 10 percent overvalued after gaining 2.5 percent since Feb. 17, even as crude dropped 16 percent, according to TKB BNP Paribas Investment Partners. There’s a 61 percent chance of the Russian currency weakening by such an amount by June 30, options data compiled by Bloomberg show. With a fragile cease-fire holding in Ukraine, investor attention is back on the drop in oil, after crude’s gains underpinned a recovery in Russian assets this year. The ruble’s advance after a 46 percent tumble in 2014 has allowed policy makers to reduce interest rates twice and is stoking forecasts for more easing as it drives flows into the country’s bonds. “The ruble is overvalued considering the oil price,” Konstantin Nemnov, […]