The ruble declined for a second day against the dollar, poised for the biggest two-day loss in almost three months on concern a plan to halt the European debt crisis may flounder, threatening demand for Russia’s exports. The Russian currency lost 1.3 percent to 30.5699 per dollar as of 10:11 a.m. in Mosow, after dropping 1.6 percent yesterday. A close at that level would be the biggest two-day decline for the currency since Aug. 9, according to data compiled by Bloomberg. Oil, Russia’s chief export earner, lost 1 percent to $92.30 a barrel in New York after Greek Prime Minister George Papandreou said he will submit the European Union’s new financing deal for a national referendum. The EU is Russia’s largest trading partner. China’s Purchasing Managers’ Index fell for the first time in three months in October, according to the China Federation of Logistics and Purchasing, another sign demand for Russian exports may falter. Investors increased bets the ruble would weaken further, with non-deliverable forwards showing it at 31.0288 per dollar in three months’ time today, compared with 30.6495 yesterday. Russia’s $3.5 billion of debt due 2020 rose for a second day, pushing the yield down one basis point, or 0.01 percentage point, to 4.38 percent. The yield on the country’s only ruble Eurobond was 15 basis points higher at 7.176 percent. 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

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