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Ruble Goes From Darling to Dud as Rising Tensions Deter Bulls
The ruble is fast losing its allure as emerging-market investors’ favorite currency amid Russia’s intensifying tensions with the West and stubborn inflation. The currency has made the worst start to the year among emerging-market peers on renewed concern Russia may invade Ukraine, almost eight years after annexing Crimea. Diplomatic overtures have failed so far, prompting Morgan Stanley, Goldman Sachs Group Inc. and Deutsche Bank AG to flag risks including sanctions and a surge in inflation. The reversal halts the ruble’s run as the best-performing currency in emerging markets last year through mid-November, ... (full story)