Bloomberg News

Ruble Rises Against Dollar, Extends Last Week’s Gain, on Greece

February 14, 2012

Feb. 13 (Bloomberg) -- The ruble strengthened against the dollar, adding to last week’s gain, after Greece’s parliament approved austerity measures to secure an international bailout, easing concern over Europe’s debt crisis.

The Russian currency appreciated 0.6 percent to 29.8999 per dollar as of 10:04 a.m. in Moscow, heading for its biggest daily gain since Feb. 7. The ruble was little changed at 39.625 per euro and 0.4 percent stronger at 34.2707 against the central bank’s target dollar-euro basket.

Demand for Russian exports in the European Union, the country’s biggest trading partner, may rally after Greece passed the measures necessary to secure a 130 billion-euro ($172 billion) second aid package. Brent crude rose 0.8 percent to $118.28 a barrel.

Russia’s $3.5 billion of bonds due 2020 fell, pushing the yield up three basis points, or 0.03 percentage point, to 4.268 percent. Dollar-denominated notes due 2015 yielded four basis points more than on Feb. 10, at 2.945 percent.

Investors pared bets the Russian currency would weaken, with non-deliverable forwards showing the ruble at 30.2749 per dollar in three months, compared with expectations of 30.42 per dollar on Feb. 10.

--Editors: Peter Branton, Ash Kumar

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


Steve Ballmer, Power Forward
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus