The ruble strengthened 0.2 percent to 37.7712 against Bank Rossii’s target dollar-euro basket by 1:19 p.m. in Moscow. The yield on government bonds due February 2027 declined four basis points, or 0.04 percentage point, to 7.79 percent.
Yellen, the Fed’s vice chairman, yesterday voiced her commitment to using bond purchases known as quantitative easing to boost growth and lower unemployment that remains above 7 percent more than four years after the economy began to recover. The regular tax period, when Russian companies pay ruble-denominated taxes, starts tomorrow with payments to insurance and pension funds.
It’s only “a matter of time” before the ruble advances to 37.50 against the basket as the tax period “increases its importance in the coming week,” Evgeny Koshelev, an analyst at OAO Rosbank (ROSB), said in e-mailed comments.
Oil advanced 0.3 percent to $107.41 a barrel in London, extending a 1.2 percent gain yesterday. An index of the 20 most actively-traded emerging-market currencies added 0.1 percent to 92.7059, according to data compiled by Bloomberg.
The ruble strengthened 0.2 percent against the dollar to 32.6820 and traded up 0.3 percent versus the euro at 43.9890.
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