The ruble advanced for a second day against the dollar as crude oil, the nation’s main export earner, traded near a two-week high. The ruble added 0.3 percent against the dollar to 30.7775 by 10:40 a.m. in Moscow. It lost 0.2 percent versus the euro to 40.7615 and was little changed at 35.2667 against the central bank’s target euro-dollar basket. An index of five-year government bond yields compiled by the Micex fell one basis point to 6.5689 percent. Crude was little changed at $87.84 a barrel in New York. Russia is the world’s biggest energy exporter and oil and natural gas account for about 50 percent of the nation’s government revenue. The ruble has gained 4.5 percent against the dollar this year compared with a 1 percent gain for the Chinese yuan, a 3 percent drop for the rupee and a 11 percent retreat for Brazil’s real. Non-deliverable forwards showed the ruble at 31.2215 per dollar in three months. The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries fell five basis points to 166, JPMorgan Chase & Co.’s EMBI Global Index shows. The ruble slumped 1.1 percent against the dollar in the first three days this week as importers of consumer goods bought foreign currency during the year’s busiest shopping season. The average Russian plans to spend the equivalent of $504 on presents, parties and entertainment during the year-end holidays, a 9 percent increase from the year before, the Vedomosti newspaper reported on Dec. 4, citing a survey by Deloitte. To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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