Ruble Strengthens for Third Day After Crude Rebounds in New York
The ruble strengthened against the dollar for a third day, its longest winning streak since September, as oil gained, increasing the appeal of assets in the world’s biggest energy exporter.
The ruble appreciated 0.3 percent to 31.2600 per dollar at the end of trading in Moscow. The Russian currency added 0.3 percent against the euro to 40.5200, leaving it at 35.4270 versus the central bank’s dollar-euro basket.
Crude in New York gained 0.7 percent by the close of currency trading in Moscow after being down as much as 0.4 percent during the day. Russia’s budget receives about 50 percent of its revenue from oil and gas.
Non-deliverable forwards showed the ruble at 31.7575 per dollar in three months compared with 31.8205 yesterday.
The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries fell five basis points to 187, according to JPMorgan Chase & Co.’s EMBI Global Index. An index of five-year government bond yields rose three basis points to 7.0934 percent.
To contact the reporter on this story: Mark Sweetman in Moscow at firstname.lastname@example.org