Dec. 9 (Bloomberg) -- The ruble weakened for a seventh day against the dollar, its longest losing streak almost three years, as oil fell on concern Europe’s debt crisis will hobble the global economic recovery.
The Russian currency lost 0.6 percent to 31.5474 per dollar by 10:19 a.m. in Moscow, heading for a 2.2 percent drop in the week. The ruble slid 0.4 percent to 42.0201 per euro, leaving it down 0.5 percent at 36.2546 against the central bank’s target dollar-euro basket.
Crude, Russia’s main export earner, headed for its biggest weekly decline since September, after a summit of European Union leaders failed to forge a unanimous accord, damping prospects for a rapid resolution to the region’s debt crisis. Oil, which together with natural gas accounts for about 40 percent of state revenues, retreated 0.4 percent to $97.95 a barrel.
Investors increased bets the ruble would weaken further, with non-deliverable forwards showing the currency dropping to 31.9945 per dollar in three months, compared with expectations of 31.8890 per dollar yesterday.
Russia’s $3.5 billion of bonds due 2020 rose, pushing the yield down five basis points to 4.523 percent.
--Editors: Alex Nicholson, Stephen Kirkland
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