BLBG:Ruble Strengthens For First Day In Five As Urals Crude Advances
The ruble snapped four days of losses against the dollar and yields on Russia’s international debt declined as oil, the country’s main export, advanced.
The Russian currency appreciated 0.4 percent to 33.1908 per dollar as of 10:37 a.m. in Moscow, heading for the sharpest gain since June 13. The country’s $3.5 billion of Eurobonds due 2020 rose, lowering the yield by four basis points, or 0.04 percentage point, to 3.862 percent.
Urals crude rallied 0.3 percent to $89.17 per barrel by yesterday’s close, a second day of gains. Oil and gas make up about 50 percent of Russia’s state revenue, according to the government’s estimates.
The ruble gained 0.2 percent to 41.525 per euro and 0.3 percent to 36.9408 against the central bank’s target dollar-euro basket. Investors pared bets on the currency weakening, with non-deliverable forwards showing the ruble at 33.723 per dollar in three months, compared with expectations of 33.8195 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
