The ruble fell as the biggest weekly drop in oil prices in almost three months outweighed optimism Fitch Ratings will retain Russia’s only investment-grade rating. The currency weakened 0.5 percent to 55.824 per dollar as of 5:49 p.m. in Moscow, heading for a weekly decline of 1.9 percent. Brent crude retreated 1.1 percent, poised for a 3 percent decrease in the last five days. Government bonds, known as OFZs, slid. The Russian currency has dropped 12 percent since May 18 as the central bank bought foreign exchange to replenish its reserves, adding to the impact of interest-rate cuts this year. Fitch is the only one among the three major rating companies to keep Russia at investment grade. Finance Minister Anton Siluanov said July 2 he doesn’t expect the agency to revise that rating on Friday. “Nobody is counting on the Fitch downgrade at the moment, so if it happens, […]