Nov. 24 (Bloomberg) -- The ruble traded at a six-week low against the dollar after weakening the most in two weeks yesterday amid concern Europe’s debt crisis will worsen.
The Russian currency was unchanged 31.4025 against the dollar by 11:54 a.m. in Moscow, after dropping 1.1 percent to the weakest level since Oct. 11 yesterday. The ruble declined 0.1 percent to 42.0352 per euro, leaving the currency down less than 0.1 percent at 36.19076 against the central bank’s dollar- euro basket.
Domestic ruble bonds due August 2016 yielded 13 basis points more, at 8.5 percent. Investors pared bets the ruble would weaken further, with non-deliverable forwards showing the currency at 31.8812 per dollar in three months’ time, compared with 31.9670 per dollar yesterday.
Crude futures rose as much as 50 cents to $96.67 a barrel in electronic trading in New York after tumbling 1.9 percent yesterday following a German bond auction that fell short of expectations. U.S. crude inventories dropped last week to the lowest since January 2010, according to Energy Department report yesterday.
--Editors: Stephen Kirkland, Ash Kumar
#<781781.73622.214.171.124.14779.25># -0- Nov/24/2011 08:15 GMT
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