Ruble Gains Versus Dollar in Best Week Since January on Oil Rise

The ruble showed the sharpest weekly appreciation against the dollar in more than four months after Urals crude, Russia’s biggest export, rallied yesterday.

The Russian currency gained as much as 0.5 percent before closing little changed at 32.66 per dollar by 7 p.m. in Moscow, taking its rise this week to 3.1 percent, the biggest advance since Jan. 29. The ruble lost 0.8 percent to 41.02 per euro and 0.4 percent to 36.422 against the central bank’s target dollar- euro basket.

Urals crude in northwest Europe gained 0.8 percent to $98.24 per barrel by yesterday’s close and had its first weekly gain since April 27. Oil and gas together contribute about 50 percent of Russia’s budget revenue, according to government estimates.

Russia’s markets were open today before public holidays on June 11 and June 12.

The country’s $3 billion of Eurobonds due 2042 fell, increasing the yield by two basis points, or 0.02 percentage point, to 5.334 percent. The rate on ruble-denominated domestic debt due 2027 dropped eight basis points to 8.85 percent.

To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net

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