Bloomberg News

Ruble Advances Against Dollar for Second Day as Oil Prices Rise

November 13, 2011

Nov. 11 (Bloomberg) -- The ruble strengthened against the dollar for a second day as oil advanced in New York.

The Russian currency appreciated 0.4 percent to 30.4425 per dollar at the 7 p.m. close in Moscow, giving a 0.2 percent advance for the week. The ruble was 0.7 percent weaker at 41.74 per euro, leaving it down 0.2 percent at 35.5264 against the central bank’s target dollar-euro basket.

Crude futures rose 0.8 percent to $98.60 per barrel in New York, advancing in its longest run of weekly gains since April 2009 on speculation Europe’s steps to contain its debt crisis will support demand for fuel. Italy’s Senate gave final approval to budget measures today, while Greece has formed a unity government.

Russia’s $3.5 billion of bonds due 2020 climbed, pushing the yield down 11 basis points, or 0.11 percentage point, to 4.302 percent. Investors pared bets the ruble would weaken further, with non-deliverable forwards showing the currency at 30.8865 per dollar in three months, compared with 30.9835 yesterday.

--Editors: Peter Branton, Linda Shen

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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