BLBG:Ruble Advances For Third Day, Eurobond Yields Fall On Oil Gain
The ruble strengthened against the dollar for a third day and yields on Russia’s international debt declined as oil, the country’s main export, rose and the central bank said it intervened to support the currency.
The currency climbed 0.8 percent to 32.7538 per dollar as of 10:06 a.m. in Moscow, heading for its strongest level since May 30. The country’s $2 billion of bonds due 2022 rose for a third day, cutting the yield by four basis points, or 0.04 percentage point, to 4.357 percent.
The central bank sold about $200 million of foreign currency a day in the past three days to slow the ruble’s decline, First Deputy Chairman Sergey Ignatiev said in St. Petersburg today. Brent crude climbed 0.3 percent to $99.13 per barrel after the industry-funded American Petroleum Institute said yesterday that inventories fell 1.8 million barrels last week, a sign demand may rise.
The ruble gained 0.5 percent to 40.927 per euro and 0.6 percent to 36.4534 against the central bank’s target dollar-euro basket. Investors pared bets on the currency weakening, with non-deliverable forwards showing it at 33.292 per dollar in three months, compared with expectations of 33.528 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
