The ruble headed for the longest stretch of weekly gains in nine months and Russian bonds extended the biggest advance in emerging markets, buoyed by oil above $60 a barrel.
For the Russian ruble, free float means going from emerging markets second-best to worst-performing currency in a week, with plunging oil prices signaling more losses.
Russia’s more than $400 billion of foreign reserves pose a challenge for President Vladimir Putin as he seeks to diversify holdings away from U.S. and European bonds and buy more debt of the largest emerging nations.
