Bloomberg News

Ruble Rises to Four-Week High Versus Dollar as Oil Advances

June 06, 2011

June 6 (Bloomberg) -- The ruble advanced to the strongest level in four weeks versus the dollar as oil, Russia’s chief export earner, advanced.

The ruble appreciated 0.4 percent to 27.8250 per dollar at the 5 p.m. close in Moscow, the strongest level since May 11. The Russian currency declined 0.5 percent to 40.6510 per euro, leaving it little changed at 33.5967 versus the central bank’s target dollar-euro basket.

Crude for July delivery gained 49 cents a barrel from the close of ruble trading on June 3, to $99.20 per barrel by 5 p.m. in Moscow today. The Organization of Petroleum Exporting Countries will probably maintain current production levels when it meets June 8, according to 27 out of 30 analysts in a Bloomberg survey.

To contact the reporter on this story: Jack Jordan in London at jjordan22@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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