Ruble Strengthens for Sixth Day Versus Dollar as Crude Rises on Refining
The ruble appreciated for a sixth day against the dollar as crude climbed, boosting the outlook for the currency of the world’s biggest energy exporter.
The Russian currency added 0.4 percent to 29.6775 by 10:49 a.m. in Moscow. The ruble was little changed at 39.4815 per euro and up 0.2 percent at 34.0893 versus the central bank’s target dollar-euro basket.
Oil futures climbed as much as 49 cents to $99.20 a barrel in New York as a U.S. government report showed refineries processed more crude last week.
The 14-day relative strength index for the ruble’s rate against the U.S. currency dropped to 25.1022, the lowest on a closing basis since May 2011. A reading lower than 30 signals the currency may have rallied too quickly and may weaken.
Investors pared bets the ruble would depreciate, with non- deliverable forwards showing the Russian currency at 30.0352 per dollar in three months, compared with expectations of 30.0880 yesterday. Russia’s 2020 dollar bonds were little changed, with the yield at 4.274 percent.
To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
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