BLBG:Ruble Weakens for Third Day as Greece Bailout Delays Hit Oil
The ruble depreciated against the dollar for a third day, poised for its worst closing price in two weeks as delays in delivering a second bailout to Greece threatened demand for Russian exports in the European Union, the country’s largest trading partner.
Russia’s currency lost 0.7 percent to 30.21 per dollar as of 10:23 a.m. in Moscow, heading for its weakest close since Feb. 1. The ruble was little changed at 39.329 per euro and 0.3 percent lower at 34.3108 against the central bank’s target dollar-euro basket.
While “further considerations are necessary” on the program for Greece, Europe is set to make “all the necessary decisions” on Feb. 20, Luxembourg Prime Minister Jean-Claude Juncker said yesterday. Oil, Russia’s chief export earner, lost 0.4 percent to $101.42 a barrel in New York crude futures trading.
Investors increased bets the ruble would weaken, with non- deliverable forwards showing the currency at 30.568 per dollar in three months’ time, compared with expectations of 30.4115 per dollar yesterday.
Russia’s $3.5 billion of bonds due 2018 rose, pushing the yield down seven basis points, or 0.07 percentage point, to 4.006 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
