Bloomberg News

Ruble Retreats Versus Dollar as Crude Oil Drops From Month-High

July 04, 2012

The ruble weakened as oil, Russia’s main export earner, slid from the highest level in a month.

The Russian currency depreciated 0.3 percent to 32.2374 per dollar by 10:05 a.m. in Moscow. The ruble was little changed at 40.5975 per euro and weakened 0.2 percent to 35.9954 against the central bank’s target dollar-euro basket.

Crude oil fell 0.7 percent to $87.05 a barrel in New York. The International Monetary Fund said further monetary policy easing by the U.S. Federal Reserve may be needed as the organization reduced its growth estimate for the world’s biggest economy.

Investors reduced bets on the currency gaining, with non- deliverable forwards showing the ruble at 32.7291 per dollar in three months, compared with investor expectations of 32.6590 per dollar yesterday.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

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


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