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Ruble Trailing Crude’s Gains Puts 2016 Fiscal Target in Sight

The ruble trailed a bounce in crude oil prices, helping bring a key budget metric closer to the Russian government’s target.

While the currency advanced 1.2 percent against the dollar to 64.7010 by 4:54 p.m in Moscow, the most in emerging markets after Poland, it lagged the 3.2 percent surge in Brent crude, which is used to price the nation’s main Urals export oil blend. That pushed the price of Brent in rubles to 3,194, the highest this year and almost 30 rubles above of the average the Finance Ministry uses to estimate its 2016 fiscal...