(Bloomberg) Hedge funds have started betting the Russian ruble will strengthen, turning bullish for the first time since July after the currency jumped the most in emerging markets in the last two months amid signs a rout in oil, the country’s main export, had been contained. Hedge funds and large speculators were net long 1,171 futures contracts on the currency in the week ended Oct. 13, wagering that the ruble will increase in value, according to U.S. Commodity Futures Trading Commission data published Friday.
Hedge Funds Bullish on Russia’s Ruble for First Time Since July
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