The ruble weakened the most in emerging markets as Rabobank said the currency could fall further after Iran called a Russian-Saudi plan to freeze output “ridiculous.” The currency declined 2.2 percent to 77 against the dollar by 12:11 p.m. as Brent crude retreated 2% to $32.61. The proposal between Russia and Saudi Arabia to cap output at January levels puts “unrealistic demands” on Iran, Oil Minister Bijan Namdar Zanganeh said Tuesday, according to the ministry’s news agency Shana. Oil’s collapse to a 12-year low in 2016 amid a global glut pushed the ruble to a record low, put Russia’s economy on course for a second year of contraction and forced the government to consider budget cuts. If Brent falls below $32.68 a barrel, the ruble could revisit this month’s low of 80.64 per dollar, according to Rabobank. “Comments from Iran’s Oil Minister fueled market doubts that other oil producers […]