The ruble moved between gains and losses as Russian manufacturing advanced, while crude oil, the nation’s main export earner, declined. The ruble strengthened 0.1 percent to 31.1658 per dollar by 2:39 p.m. in Moscow, after earlier dropping as much as 0.4 percent and gaining as much as 0.2 percent. The Russian currency fell 0.2 percent against the euro to 40.1950 and was little changed versus the central bank’s euro-dollar basket. Russian manufacturing expanded in September at the fastest pace in four months as output, new orders and employment all accelerated, HSBC Holdings Plc said. Spanish bonds gained and the euro erased earlier losses as stress-test results bolstered confidence in Spain’s banking system. Crude slid 0.5 percent to $91.75 a barrel in New York. The “unstable� oil price “doesn’t help the ruble,� Maria Pomelnikova, an analyst at ZAO Raiffeisenbank in Moscow, said by e-mail today. “The currency’s future movements will depend primarily on the backdrop overseas,� she said. Non-deliverable forwards showed the ruble at 31.6677 per dollar in three months compared with 31.7088 on Sept. 28. The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries fell three basis points to 205, according to JPMorgan Chase & Co.’s EMBI Global Index. An index of five-year government bond yields compiled by the Micex rose four basis points to 7.64 percent. To contact the reporter on this story: Lyubov Pronina in London at lpronina@bloomberg.net To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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