Ruble Slides First Time in 4 Days as Oil Drops Before U.S. Jobs

The ruble snapped three days of gains against the dollar as crude oil, the country’s main export earner, retreated before a report forecast to show jobs growth slowed last month in the U.S.

The ruble dropped 0.3 percent to 32.0215 at 10:38 a.m. in Moscow, paring its weekly gain to 1 percent. Russia’s currency lost 0.5 percent versus the euro to 40.4971 and retreated 0.4 percent against the central bank’s target euro-dollar basket. Non-deliverable forwards showed the ruble at 32.4748 per dollar in three months.

Oil fell as much as 1 percent to $94.55 a barrel in New York. U.S. employment probably rose by 130,000 in August after gaining 163,000 in July, according to a Bloomberg News survey before a Labor Department report today. Oil and gas contribute about 50 percent of Russia’s government revenue.

The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries fell two basis points to 204, according to JPMorgan Chase & Co.’s EMBI Global Index. An index of five-year government bond yields compiled by the Micex rose three basis points to 7.555 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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