Oct. 25 (Bloomberg) -- The ruble advanced to its strongest closing level in more than a month as oil, Russia’s main export, gained for a third day after a fall in U.S. inventories.
Russia’s currency appreciated 0.4 percent to 30.5175 per dollar at the 7 p.m. close in Moscow, the strongest level since Sept. 15. The ruble was 0.3 percent stronger at 42.40 per euro, leaving it up 0.3 percent at 35.8646 against the central bank’s target dollar-euro basket.
Crude for December delivery advanced 2.4 percent to $93.44 per barrel in New York after a satellite survey showed inventories at Cushing, Oklahoma, the delivery point for West Texas Intermediate, fell last week.
Investors pared bets the ruble would weaken, with non- deliverable forwards showing it at 31.0167 per dollar in three months, compared with 31.0568 per dollar yesterday.
Russia’s $3.5 billion of bonds due 2020 rose for a third day, pushing the yield down nine basis points, or 0.09 percentage point, to 4.535 percent. Dollar notes due 2015 also advanced, with the yield 14 basis points lower at 3.215 percent.
Editors: Stephen Kirkland, Alex Nicholson
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