keeping an eye
The future’s looking brighter, too, with options traders the least pessimistic on the ruble’s long-term prospects since mid-2014.
Years of easy-money policies in developed economies have pushed yields below zero from Japan to Europe -- in stark contrast to Russia, whose 10.5 percent main rate makes it a popular destination for money borrowed cheaply elsewhere.
“The ruble is going to be one of the outperformers in the emerging markets,” said Saad Siddiqui, an analyst at JPMorgan Chase & Co., which topped Bloomberg’s latest currency rankings for Europe, the Middle East and Africa. “It offers one of the best carry trades.”
JPMorgan is predicting a 5 percent gain in the ruble to 61.36 per dollar by year-end, from 64.72 in Moscow on Friday. That contrasts with the 1 percent drop forecast in a Bloomberg survey of analysts.