Ruble Snaps 2 Days of Gains as Oil Trades Near Month Low
The ruble slid for the first day in three as oil, Russia’s chief export earner, traded near the lowest level in a month.
The Russian currency lost as much as 0.3 percent against the dollar before trading down 0.1 percent at 30.7560 at 10:45 a.m. in Moscow. The ruble fell 0.2 percent versus the euro to 39.83 and to 34.8384 against the central bank’s target euro- dollar basket.
Crude for January delivery was at $85.59 a barrel in electronic trading on the New York Mercantile Exchange, up 3 cents. The contract slid 37 cents to $85.56 yesterday, the lowest close since Nov. 15. Oil and gas account for about 50 percent of Russia’s government revenue.
Non-deliverable forwards showed the ruble at 31.1975 per dollar in three months.
The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries fell one basis point to 190, according to JPMorgan Chase & Co.’s EMBI Global Index. An index of five-year government bond yields fell one basis point to 6.4784 percent.
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