The ruble climbed for the first time in three days as oil advanced, while hedge funds trimmed their bullish bets on the currency last week amid risks a Federal Reserve rate increase will exacerbate Russia’s economic slowdown. The ruble strengthened 0.3 percent to 64.4220 per dollar by 12:46 p.m. in Moscow, after posting a 1 percent drop in the five days through Nov. 6, its third week of declines. Bonds fell for a second day, lifting the yield on the government’s five-year local debt from a one-year low last week. Hedge funds and other large speculators reduced their bullish bets on the ruble for the first time in six weeks, reflecting concern the U.S. Fed will raise interest rates next month. While Russia’s local benchmark rate is still high at 11 percent and supports demand for investors seeking higher yields, appetite will be dented by any slide in the […]