Ruble Weakens Against Dollar First Time in Four Days on Oil Drop
The ruble weakened against the dollar for the first time in four days after a slump in crude oil, Russia’s biggest revenue earner.
The ruble dropped 0.3 percent against the dollar to 30.7585 by 6:12 p.m. in Moscow. The currency was little changed versus the central bank’s target euro-dollar basket at 35.1918 and was steady against the euro to 40.6002. The decline pared this year’s 4.7 percent advance against the dollar and 2.6 percent gain to the euro, data compiled by Bloomberg show.
Crude slid 1.2 percent to $89.06 a barrel in New York, the first decline in six days. U.S. House Republican leaders canceled a vote on Speaker John Boehner’s budget plan and the chamber said no more votes will be held until after the Christmas holiday.
Non-deliverable forwards showed the ruble at 31.2350 per dollar in three months compared with 31.1425 yesterday.
The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries rose five basis points to 160, according to JPMorgan Chase & Co.’s EMBI Global Index.
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