BLBG:Ruble Steady at Three-Week High Versus Dollar as Oil Advances on Greece
The ruble closed at the strongest level in three weeks as oil, Russia’s chief export earner, rose in New York.
The Russian currency appreciated less than 0.1 percent to 27.8275 per dollar by 7 p.m. in Moscow, the fifth day of gains and the strongest close since June 9. The ruble was steady at 40.3825 per euro, leaving it little changed at 33.4772 versus the central bank’s target dollar-euro basket.
Crude, Russia’s chief export, has risen about $5 a barrel in the last week as Greece passed new austerity measures and was authorized to receive an 8.7 billion-euro ($12.6 billion) aid payment, boosting confidence in the economies of the euro area. Crude for August delivery traded up 0.4 percent at $95.25 a barrel at the close of ruble trading.
Russian government bonds were also little changed, leaving the yield on the ruble Eurobond steady at 6.895 percent. Non- deliverable forwards, which allow companies to hedge against currency movements, show the ruble at 28.0745 per dollar in three months, compared with 28.0612 on July 1.
The ruble’s trading hours on the Micex exchange were extended to close at 7 p.m. on July 1 from 5 p.m. previously.
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
