Bloomberg News

Ruble Slides to Lowest Versus Dollar in 2 Weeks on Oil, Europe

March 29, 2012

The ruble dropped to its lowest in more than two weeks after oil fell and concern Europe’s debt crisis will worsen curbed demand for emerging-market assets.

The currency weakened 0.3 percent to 29.49 per dollar by the close in Moscow, its lowest since March 12. The ruble fell 0.1 percent to 39.1201 per euro and closed down 0.2 percent at 33.8235 against the central bank’s target dollar-euro basket.

Urals crude, the country’s main export blend, dropped for a third day, sinking 1 percent to $119.35 a barrel. Greece will probably have to restructure its debt again, said Moritz Kraemer, head of sovereign ratings at S&P. Oil and gas together account for 17 percent of Russia’s gross domestic product and 50 percent of state revenue, according to government estimates.

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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