BLBG:Ruble Snaps 12-Day Losing Streak Versus Basket as Oil Rallies
The ruble strengthened for the first time in 13 days against the central bank’s target dollar- euro basket as oil, Russia’s chief export earner, rallied.
The Russian currency appreciated 0.3 percent at 37.3785 against the basket at 10:20 a.m. in Moscow, the first gain since Sept. 8. The ruble advanced 0.6 percent to 32.22 per dollar and was little changed at 43.6688 per euro.
Oil rose in New York after U.S. Treasury Secretary Timothy F. Geithner predicted Europe will intensify efforts to contain its debt problems, signaling demand for the commodity may recover in the euro area. Crude for November delivery climbed 2.5 percent to $82.23 a barrel.
To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
