Ruble Pares Quarterly Gain on U.S. Business Activity Contraction
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The ruble weakened, erasing earlier gains, after business activity in the U.S. unexpectedly contracted and demand for the local currency waned following this week’s tax payments.
The ruble depreciated 0.3 percent to 31.1875 per dollar by 7 p.m. in Moscow, paring the quarterly advance to 3.8 percent. It gained as much as 1.2 percent in earlier trading. The Russian currency lost 0.4 percent against the euro to 40.1150 as well as the central bank’s euro-dollar basket to 35.2049.