The ruble tumbled past 60 for the first time as traders tested the Russian central bank’s willingness to defend the currency amid an oil slump that is pushing the economy closer to recession.
The ruble weakened as much as 5 percent to 61.25 per dollar, leading the Bank of
Russia to sell $350 million to stem the slide, according to BCS Financial Group. Three-month implied volatility for the currency, which traded 4 percent weaker at 60.5840 by 4:24 p.m., climbed to a six-year high, while the yield on 10-year government bonds rose 11 basis points to a five-year high of 13.11 percent.