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Ruble Strengthens for Third Session Against Dollar as Oil Rises

Nov. 7 (Bloomberg) -- The ruble climbed for a third trading session against the dollar as oil, Russia’s chief export earner, rose in New York.

The Russian currency appreciated 0.3 percent to 30.42 per dollar at the 7 p.m. close in Moscow. The ruble was 0.2 percent stronger at 41.9575 per euro, leaving it up 0.3 percent at 35.6119 against the central bank’s target dollar-euro basket.

Crude futures climbed 1.1 percent to $95.29 a barrel in New York. Giuliano Ferrara, editor of newspaper Il Foglio and a former spokesman for Italian Prime Minister Silvio Berlusconi, reported that the premier may step down. Berlusconi denied the report. The European Union is Russia’s largest trading partner.

Russia’s $3.5 billion of bonds due 2020 rose, pushing the yield down 16 basis points to 4.195 percent. Domestic ruble bonds due August 2016 yielded three basis points more at 8.01 percent.

Investors pared bets the ruble would weaken further, with non-deliverable forwards showing the currency at 30.8871 per dollar in three months, compared with 30.9575 Nov. 4.

To contact the reporter on this story: Jack Jordan in Moscow at

To contact the editor responsible for this story: Gavin Serkin at

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