Bloomberg News

Ruble Drops Versus Dollar as Crude Oil Retreats From Weekly High on China

March 12, 2012

The ruble depreciated against the dollar, trimming yesterday’s advance, as the price of oil, the country’s chief export, fell from its highest level in a week.

The Russian currency lost 0.4 percent to 29.6425 per dollar by the 7 p.m. close in Moscow, after advancing 0.6 percent yesterday, the most since Feb. 24. The ruble slid 0.2 percent to 38.90 against the euro and 0.3 percent to 33.8084 versus the central bank’s euro-dollar basket.

Crude for April delivery declined 1 percent to $106.28 a barrel in New York, after exports grew more slowly than forecast in China, the world’s second-largest crude consumer and Russia’s biggest trading partner after the European Union.

Russia’s ruble bonds due April 2021 were little changed, leaving the yield one basis point lower at 7.86 percent. The yield on the country’s sovereign dollar bonds maturing in 2020 fell six basis points to 3.88 percent, the lowest since the notes were sold in April 2010.

To contact the reporter on this story: Denis Maternovsky in Moscow at dmaternovsky@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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