Russia’s ruble reversed losses after Federal Reserve Chair Janet Yellen urged caution on raising interest rates. The nation’s stock index fell, extending its longest stretch of losses since 2011, as oil traded below $40. The currency strengthened 0.2 percent to 68.32 per dollar by 7:28 p.m. in Moscow, after falling as much as 1.1 percent earlier, as Yellen said it was appropriate for U.S. central bankers to “proceed cautiously” in tightening policy. The Micex Index of equities, which stopped trading before the comments, dropped for a seventh day. By pushing back wagers for when the Fed will resume rate increases, Yellen’s comments revived interest in riskier assets such as the ruble, which has rallied 10 percent in March, beating all 23 of its main peers in the developing world. The currency had come under pressure in the past week as the price of oil, Russia’s main export earner, retreated […]