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Ruble Retreats to Two-Month Low on Crude Oil, Greek Debt Concern

November 13, 2012

The ruble weakened to the lowest level in two months as oil, Russia’s chief export earner, dropped and investors sold riskier assets after European officials delayed a decision on Greek aid.

The Russian currency depreciated 0.5 percent to 31.7639 against the dollar at 1:13 p.m. in Moscow, the lowest since Sept. 11. It lost 0.2 percent versus the euro to 40.3000 and was 0.4 percent down against the central bank’s euro-dollar target basket.

European leaders have put off until next week a decision on how to cover Greece’s additional funding needs, stoking concern the debt crisis will drag on and curbing appetite for emerging- market currencies and stocks. Oil dropped 0.8 percent to $84.82 per barrel in New York. Crude and natural gas account for about 50 percent of Russia’s government revenue.

“The delay on the Greek bailout decision by Europe pushed the Russian currency out of the previous range of 31.25-31.60 rubles per dollar,” Sergey Fishgoyt, deputy head of foreign exchange at Otkritie Financial Corp. in Moscow, said by e-mail.

The Russian central bank’s decision last week to leave its key interest rates unchanged has contributed to the ruble’s decline, he said.

Bank Rossii kept rates on hold on Nov. 9 after a surprise increase in September. Consumer-price growth slowed to 6.4 percent as of Nov. 6 from a year earlier, Bank Rossii said. That’s down from 6.5 percent in October.

Non-deliverable forwards showed the ruble at 32.0825 per dollar in three months compared with 32.2513 yesterday.

The extra yield that investors demand to own Russia’s dollar bonds over U.S. Treasuries rose three basis points to 200, according to JPMorgan Chase & Co.’s EMBI Global Index. An index of five-year government bond yields rose two basis points to 7.077 percent.

To contact the reporter on this story: Lyubov Pronina in London at

To contact the editor responsible for this story: Gavin Serkin at

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