The ruble appreciated against the dollar for the first day in four as oil, Russia’s chief export earner, climbed in New York.
The currency gained 0.6 percent to 31.325 per dollar at the 7 p.m. close in Moscow, after losing 2.1 percent last week. The ruble was 0.4 percent weaker at 41.8995 per euro, leaving it little changed at 36.0835 against the central bank’s target dollar-euro basket.
Crude futures rose 1.4 percent to $98.10 a barrel in New York after Italian daily La Stampa reported the International Monetary Fund is preparing a 600 billion-euro ($799 billion) loan for Italy, a sign of international cooperation in addressing Europe’s debt crisis. The European Union is Russia’s largest trading partner. Urals crude, Russia’s main blend, climbed 2.1 percent to $108.47 a barrel.
Russia’s $3.5 billion of bonds due 2020 rose, pushing the yield down 23 basis points, or 0.23 percentage point, to 4.604 percent. Ruble notes due January 2016 yielded nine basis points less at 8.21 percent.
Investors pared bets the ruble would weaken, with non-deliverable forwards showing the currency at 31.8215 per dollar in three months, compared with expectations of 32.0150 Nov. 25.