(Bloomberg) -- The ruble has rebounded in the wake of the U.S. election, but geopolitical risk remains elevated, particularly if Democrat Joe Biden wins the presidency. The currency has weakened 20% against the dollar this year, and a Bloomberg Economics model suggests Russia-specific factors account for most of the decline. For the economy, depreciation serves as a shock absorber, but higher import prices would stoke inflation and weigh on demand, and market instability has forced the central bank to delay adding stimulus.
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