Russia’s ruble sank for a second day as crude oil fell below $30 per barrel, prompting Bank of America to suggest that interest rates could rise if the price of the country’s main export earner weakens further. The ruble lost 2.2 percent to 81.8160 as of 11:46 a.m. in Moscow, taking its two-day decline to 4.6 percent and almost erasing its strongest 1-day rally in more than a year on Friday. The retreat once again made the Russian currency the worst performer among 24 emerging-market currencies tracked by Bloomberg. Russia relies on oil and natural gas for almost half of its budget revenue and the decline in crude prices combined with sanctions over the conflict in Ukraine have driven the economy into the worst recession since 2009. Should crude prices fall further and the ruble weaken beyond 90 per dollar, policy makers may be forced to raise rates, Vladimir […]