JPMorgan Extols Virtues of Ruble’s Record Plunge: Russia Credit

The ruble’s plunge in this week’s emerging-market selloff holds the promise of more competitive Russian exports and higher budget revenue, JPMorgan Chase & Co.’s asset-management unit and Capital Economics Ltd. said.

“There has been limited official rhetoric about the need to prevent the ruble from weakening,” Liza Ermolenko, an emerging-markets economist at Capital Economics, said by phone from London. “A weaker ruble improves competitiveness in international markets and boosts government revenue from oil.”