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Ruble Rebounds, Reversing Earlier Losses as Oil Gains Second Day

The ruble gained against the dollar, reversing earlier losses, as oil rose for a second day and the European Central Bank unexpectedly cut interest rates to bolster the economy.

The Russian currency strengthened 0.1 percent to 30.5 per dollar at the 7 p.m. close in Moscow after earlier losing as much as 1.3 percent. The ruble climbed 0.2 percent to 42.06 per euro, leaving it up 0.2 percent at 35.702 against the central bank’s target dollar-euro basket.

Crude, Russia’s biggest export earner, climbed 1.2 percent to $93.58 a barrel. The ECB unexpectedly cut interest rates as the escalating debt crisis threatens to splinter the euro region. The ruble fell earlier after German and French leaders in Cannes halted a bailout for Greece, damping investor appetite for riskier assets.

Investors pared bets the ruble would weaken further, with non-deliverable forwards showing it at 30.9563 per dollar in three months, compared with 31.0759 per dollar yesterday.

Russia’s $3.5 billion of bonds due 2020 rose, pushing the yield down 15 basis points, or 0.15 percentage point, to 4.266 percent. Ruble notes due August 2016 yielded three basis points less than yesterday, at 7.98 percent.

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