BLBG:Ruble Retreats Most In Week Versus Dollar As Brent Crude Slumps
The ruble depreciated the most in a week against the dollar and yields on Russia’s bonds rose as oil, the country’s main export, declined.
The Russian currency lost 1.6 percent to 32.7709 per dollar as of 10:15 a.m. in Moscow, heading for the sharpest daily decline since May 31. Russia’s $2 billion of bonds due 2022 fell, increasing the yield by two basis points, or 0.02 percentage point, to 4.071 percent.
Brent crude sank 1.6 percent to $98.34 per barrel after Federal Reserve Chairman Ben S. Bernanke said yesterday that the U.S. needs to assess the risk from Europe’s debt crisis before deciding on stimulus measures. West Texas Intermediate crude is poised for the longest weekly losing streak in more than 13 years.
The ruble declined 1 percent to 40.9549 per euro and lost 1.3 percent to 36.4454 against the central bank’s target dollar- euro basket. Investors increased bets on the currency weakening, with non-deliverable forwards showing the ruble at 33.255 per dollar in three months, compared with expectations of 32.7655 per dollar yesterday.
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
