Bloomberg News

Ruble Weakens 10th Day Versus Dollar Before Europe Debt Sales

December 14, 2011

Dec. 14 (Bloomberg) -- The ruble weakened for a 10th day against the dollar, extending its worst losing streak since January 2009 before debt sales in Europe, Russia’s largest trading partner.

The Russian currency lost 0.5 percent to 31.7475 per dollar as of 10:15 a.m. in Moscow, heading for its biggest daily decline since Dec. 6. The ruble was 0.8 percent stronger at 41.41 versus the euro, leaving it little changed at 36.1128 against the central bank’s target dollar-euro basket.

Italy is scheduled to auction as much as 3 billion euros ($3.9 billion) of debt maturing in 2016 today, while Germany plans to sell 5 billion euros of two-year notes in offerings that may show the region’s debt crisis in is worsening. Crude oil, Russia’s main export earner, retreated 0.3 percent to $99.86 a barrel.

Investors increased bets the Russian currency will weaken further, with non-deliverable forwards showing the ruble at 32.2035 per dollar in three months, compared with expectations of 32.1575 per dollar yesterday.

Russia’s dollar-denominated Eurobond declined, lifting the yield two basis points to 4.695 percent.

--Editors: Alex Nicholson, Stephen Kirkland

To contact the reporter on this story: Jack Jordan in Moscow at

To contact the editor responsible for this story: Gavin Serkin at

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