Bloomberg News

Ruble Pares Decline Against Dollar Before Slovakia Vote on Fund

October 11, 2011

Oct. 11 (Bloomberg) -- The ruble pared losses against the dollar before a government vote in Slovakia on the euro area’s bailout fund.

The Russian currency depreciated less than 0.1 percent to 31.55 per dollar, after losing as much as 0.5 percent, and was little changed at 43.02 per euro at the 7 p.m. close in Moscow, leaving it steady at 36.7115 against the central bank’s target dollar-euro basket. Investors increased bets the Russian currency would weaken further, with non-deliverable forwards showing it at 32.04 per dollar in three months.

Oil, Russia’s chief export earner, lost 0.5 percent to $85.01 a barrel in New York crude futures trading before the vote in Slovakia, the only country in the 17-nation euro area that hasn’t yet approved the region’s retooled bailout fund. The European Union is Russia’s largest trading partner.

Russia’s dollar Eurobond due 2020 rose, pushing the yield down 15 basis points to 5.02 percent. The yield on government dollar debt due 2015 declined 38 basis points to 3.741 percent.

--Editors: Ana Monteiro, Peter Branton

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


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