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Ruble Strengthens for Fourth Day Against Dollar as Oil Advances

Nov. 8 (Bloomberg) -- The ruble advanced for a fourth day against the dollar as oil, Russia’s chief export earner, climbed in New York.

The Russian currency gained 0.7 percent to 30.22 per dollar at the 7 p.m. close in Moscow. The ruble was 0.4 percent stronger at 41.79 per euro, leaving it up 0.5 percent at 35.4265 against the central bank’s target dollar-euro basket.

Crude futures gained 0.7 percent to $96.20 a barrel in New York as Greece moved closer to a unity government and Italian Prime Minister Silvio Berlusconi failed to reach an absolute majority in a budget vote, signs that new leadership may be brought to Europe’s debt crisis. The European Union is Russia’s largest trading partner.

Investors pared bets the ruble would weaken further, with non-deliverable forwards showing the currency at 30.7101 per dollar in three months’ time. Russia’s $3.5 billion of bonds due 2020 climbed, pushing the yield down 20 basis points, or 0.2 percentage point, to 4.15 percent.

To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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