BLBG:Ruble Pares Advance Against Dollar as Crude Oil Prices Retreat in New York
The ruble pared gains and traded little changed against the dollar as oil, Russia’s chief export earner, declined in New York.
The ruble traded steady at 30.4228 per dollar as of 1:32 p.m. in Moscow, paring earlier gains of as much as 0.7 percent. The ruble gained 0.2 percent to 41.70 per euro, leaving it little changed at 35.4815 against the central bank’s target dollar-euro basket.
Crude lost 0.3 percent to $98.67 per barrel in New York futures trading after earlier climbing as much as 0.7 percent. Italy’s President Giorgio Napolitano offered Mario Monti, a former European Union Competition Commissioner, the post of prime minister yesterday as Italy sought to restore confidence in its ability to cut the euro region’s second-biggest debt.
“The ruble is trading with global risk these days,” Benoit Anne, head of emerging-markets strategy in London at Societe Generale SA, said by e-mail. “The significance of domestic fundamentals is being overwhelmed by global factors.”
The government’s $3.5 billion of bonds due 2020 climbed for the first day in three, pushing the yield down 24 basis points, or 0.24 percentage point, to 4.242 percent. Investors increased bets the ruble will weaken further, with non-deliverable forwards showing the currency at 30.903 per dollar in three months, compared with 30.8255 Nov. 11.
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
