(Bloomberg) — Don’t get too excited about the Russian ruble’s best ever rally. That’s the advice of banks from Credit Suisse Group AG to Sweden’s SEB AB, which warn that the currency’s 12 percent gain versus the dollar this month is vulnerable because it depends on a Ukraine cease-fire and Brent oil staying at about $60 a barrel. Options traders remain more bearish on the ruble than on any of its 31 major peers, and strategists are cutting their forecasts to anticipate an 8 percent decline by mid-year. “It’s not a turning point,” said Per Hammarlund, the chief emerging-markets strategist in Stockholm at SEB, which sees the ruble tumbling 10 percent by the end of next month. “The risk of an oil-price reversal is significant. A resurgence of fighting in Ukraine would also weaken the ruble.” A relapse in the exchange rate would heap further pressure onto President Vladimir […]