BLBG:Ruble Strengthens to One-Month High Versus Dollar as Oil Gains
The ruble advanced to its strongest intraday level in more than a month as oil, Russia’s main export, gained for a third day after a fall in U.S. inventories.
Russia’s currency appreciated 0.7 percent to 30.42 per dollar as of 10:21 a.m. in Moscow, the most since Sept. 15. The ruble was 0.4 percent stronger at 42.3601 per euro, leaving it up 0.5 percent at 35.8035 against the central bank’s target dollar-euro basket.
Crude for December delivery advanced 0.6 percent to $91.80 per barrel in New York after a satellite survey showed inventories at Cushing, Oklahoma, the delivery point for West Texas Intermediate, fell last week.
Investors pared bets the ruble would weaken, with non- deliverable forwards showing it at 30.9244 per dollar in three months, compared with 31.0568 per dollar yesterday.
Russia’s $3.5 billion of bonds due 2020 fell for the first day in three, pushing the yield up one basis point, or 0.01 percentage point, to 4.629 percent. Dollar notes due 2015 also declined, with the yield four basis points higher at 3.395 percent.
Editors: Stephen Kirkland, Alex Nicholson
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
