Currency catching up with crude after verbal interventions Bonds fall, pushing five-year yields to highest in two weeks The ruble extended its worst losing streak of this year, pressured by verbal intervention from government leaders and crude trading below $45. The Russian currency dropped 0.9 percent to 65.9937 against the dollar by 6:46 p.m. in Moscow, the lowest in a month, and extended a six-day decline to 5 percent. Though the ruble depreciated 3.1 percent in July, it still outperformed a near 10 percent drop in crude. The money Russia earns in local currency from each barrel of oil, increased 1 percent to 2,955 rubles. “The ruble is finally catching up with the oil move,” said Alexei Egorov, an analyst at Moscow-based Promsvyazbank PJSC. “The government really needs the oil in rubles to be at a higher level. The current situation is quite unpleasant for the budget.” The currency […]