Diment makes first move into Russian and Indian currencies

Aberdeen's head of emerging market debt has bought into Russian and Indian currencies for the first time, as rising commodity prices and economic reforms boost both investment cases.

Brett Diment, managing the £40m Aberdeen Emerging Market Bond fund, has opened a 2% position in the Russian ruble and put a further 2% in the Indian rupee. The manager said the move into the ruble was motivated by recent strength in the oil price, boosted by the closure of nuclear power stations in Japan. Brent crude prices rallied to around $117per barrel in March this year, although they have now fallen back to around $112. “In addition, Russia’s huge current account surplus, combined with interest rates at 6.5%, has led us to view the country more positively, and we have bought int...