Bloomberg News

Ruble Headed for Strongest in 3 Months to Dollar as Urals Climbs

February 03, 2012

Feb. 2 (Bloomberg) -- The ruble appreciated against the dollar, poised for its strongest close since Oct. 31 after Urals crude oil, Russia’s main export blend, rose to its highest price in almost three months.

The Russian currency rose 0.2 percent to 30.1747 and was little changed at 39.7611 per euro and 34.4858 against the central bank’s target dollar-euro basket. Investors increased bets the ruble would weaken, with non-deliverable forwards showing the Russian currency at 30.5506 per dollar in three months, compared with expectations of 30.5345 yesterday.

Urals climbed 0.8 percent to $111.64 by yesterday’s close, the highest price since Nov. 15. The commodity has risen 5.6 percent in 2012 as threatened supply disruptions from Iran and Nigeria drive up prices.

Russia’s $3.5 billion of bonds due 2018 rose, pushing the yield down 10 basis points, or 0.1 percentage point, to 4.003 percent.

--Editors: Alex Nicholson, Stephen Kirkland

-0- Feb/02/2012 06:49 GMT

-0- Feb/02/2012 07:11 GMT

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 -0- Feb/02/2012 06:36 GMT


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