Ruble Strengthens for Second Day as Oil Rises on Iran Concerns

The ruble gained for the second day against the dollar as oil, Russia’s chief export, rose on speculation sanctions against Iran will disrupt crude supplies.

Russia’s currency strengthened 1.3 percent against the dollar, trading at 31.7307 at 6:05 p.m. in Moscow, the most since Nov. 30 on a closing basis.

Oil gained as much as 2.1 percent in New York after Iran’s Deputy Navy Commander Rear Admiral Mahmoud Mousavi told Press TV that any effort to harm the country’s interests will lead to “reciprocal measures.”

Rising oil prices helped the ruble, Benoit Anne, head of emerging-market strategist at Societe Generale SA in London, said by e-mail today.

The ruble appreciated 1 percent to 41.33 against the euro. The moves against the dollar and the euro left Russia’s currency 1.2 percent stronger at 36.0335 against a target currency basket the central bank uses to manage swings in the ruble. The currency and equities traded on the Micex (INDEXCF) even as many businesses were closed for a public holiday until Jan. 10.

“Ruble movements right now are a bit misleading occurring in a low liquidity environment,” Anne said.

The 30-stock Micex rose 2.9 percent to 1,442.41, also the biggest increase in a month.

To contact the reporter on this story: Stephen Bierman in Moscow at

To contact the editor responsible for this story: Torrey Clark at

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