BLBG:Ruble Depreciates Most in Two Week as Crude Drops, China Easing Bets Wane
The ruble depreciated the most in two weeks as oil declined and traders speculated China will refrain from further steps to ease monetary policy.
The ruble lost 0.9 percent to 29.3324 per dollar as of 11:20 a.m. in Moscow, its biggest fall since Feb. 16. The Russian currency was little changed at 39.1075 against the euro and retreated 0.4 percent to 33.7290 versus the central bank’s dollar-euro target basket.
Oil, Russia’s chief export earner, lost 0.4 percent to $106.69 per barrel in New York futures trading. Better-than- expected data on Chinese manufacturing boosted bets the nation won’t take additional steps to ease monetary policy.
Non-deliverable forwards showed the Russian currency at 29.7257 per dollar in three months compared with expectations of 29.670 per dollar yesterday.
The yield on Russia’s $3.5 billion of bonds due 2020 dropped seven basis points, or 0.07 percentage point, to 3.994 percent, the lowest since they first traded in April 2010. The yield on dollar bonds due 2015 dropped 12 basis points to 2.412 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
