The ruble halted its four-day rally, curbing the best weekly advance in six, as investors turned their attention to the price of oil. Russia’s currency weakened as much as 0.7 percent today before trading 0.3 percent lower at 64.7990 against the dollar by 7:09 p.m. in Moscow, after gaining 3.3 percent during the rest of the week. The price of Urals in rubles is trading below the 2016 budget assumption of 3,165, meaning that the currency is “expensive,” according to Morgan Stanley analysts in a note to clients this week. Aligning political interests in Syria with those of France and the U.S. boosted investor appetite for Russian assets this week, making the ruble the second-best performer in expanded major currencies after Brazil’s real. Yet with oil near a six-year low, analysts say the ruble’s correlation to the price of the nation’s key export will soon reassert its dominance. The […]