The ruble depreciated against the central bank’s target dollar-euro basket and yields on Russia’s local debt rose as oil, the country’s main export, fell.
The Russian currency slid 0.2 percent to 35.5031 against the basket as of 10:24 a.m. in Moscow, the first loss in four days. The country’s 54 billion rubles ($1.7 billion) of local debt due February 2027 fell, increasing the yield six basis points, or 0.06 percentage point, to 8.42 percent.
Brent crude slipped 0.3 percent to $105.93 per barrel. The European Central Bank and the U.S. Federal Reserve meet this week, after ECB President Mario Draghi pledged July 26 to preserve the euro. The European Union is Russia’s largest trading partner.
The ruble was little changed at 32.2265 per dollar and lost 0.3 percent to 39.5275 per euro. Investors increased bets on the currency weakening, with non-deliverable forwards showing the ruble at 32.73 per dollar in three months, compared with expectations of 32.6775 per dollar yesterday.
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