Bloomberg News

Ruble Strengthens Second Day Versus Dollar as Crude Oil Rises

January 17, 2013

The ruble climbed for a second day against the dollar as the price of oil, the nation’s main export, advanced.

The ruble added 0.2 percent to 30.2455 against the dollar, and retreated 0.3 percent to 40.4150 versus the euro as of 3:23 p.m. in Moscow. Those movements left the currency of the world’s biggest energy exporter little changed at 34.8234 against the dollar-euro basket the central bank targets to smooth exchange- rate moves that crimp exporter competitiveness.

Oil headed for a four-month high in New York, trading up 0.2 percent at $94.47 a barrel. While central banker Alexei Ulyukayev warned yesterday that leading economies are on the brink of a “currency war,” the regulator bought 15.3 billion rubles ($506 million) of foreign currency at the start of the year to weaken the ruble after it jumped the most in four months on Jan. 9, the first day of trading.

The currency now trades 17 kopeks weaker than the 34.65 level against the basket at which policy makers intervene to curb its gains, according to Ivan Sinelnikov, an analyst at OAO Gazprombank.

The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries fell three basis points to 159, according to JPMorgan Chase & Co. (JPM:US)’s EMBI Global Index. An index of five-year government yields rose two basis points to 6.4498 percent.

To contact the reporter on this story: Anatoly Temkin in St. Petersburg at

To contact the editor responsible for this story: James M. Gomez at

The Aging of Abercrombie & Fitch

Companies Mentioned

  • JPM
    (JPMorgan Chase & Co)
    • $56.77 USD
    • 0.09
    • 0.16%
Market data is delayed at least 15 minutes.
blog comments powered by Disqus