The ruble weakened against the dollar and the euro for a fourth day as oil, the country’s chief export, traded near its weakest level in two months.
The Russian currency depreciated 0.1 percent to 29.7761 per dollar by 11:01 a.m. in Moscow, after losing 0.3 percent yesterday. Russia’s 114 billion rubles ($3.8 billion) of local OFZ bonds due 2021 traded little changed with the yield steady at 8.01 percent. The government plans to sell 35.8 billion rubles of the securities at an auction today.
Crude futures traded at $101.20 a barrel, up 18 cents, in electronic trading in New York after dropping 1.4 percent yesterday to its lowest level since Feb. 14 as an industry report showed U.S. crude inventories rose for a third week, adding 6.6 million barrels.
The ruble was 0.5 percent weaker at 39.09 per euro, its weakest level this month, and declined 0.3 percent to 33.9712 against the central bank’s target dollar-euro basket. Investors increased bets on the currency depreciating, with non- deliverable forwards showing the ruble at 30.1639 per dollar in three months, compared with expectations of 30.1280 per dollar yesterday.
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