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Ruble Strengthens Against Euro for Second Day as Oil Advances

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Dec. 13 (Bloomberg) -- The ruble strengthened for a second day against the euro, erasing earlier losses as oil, Russia’s chief export earner, rose in New York.

The Russian currency gained 0.1 percent to 41.735 per euro at the close in Moscow. The ruble was little changed at 31.585 per dollar, leaving it steady at 36.1525 against the central bank’s target dollar-euro basket.

Crude futures climbed 2.9 percent to $100.64 a barrel in New York after the ZEW Center for European Economic Research said German investor confidence improved for the first time in 10 months. Oil and natural gas account for about 40 percent of Russia’s state revenues and 17 percent of the country’s gross domestic product.

Russia’s dollar Eurobonds due in July 2018 snapped five days of losses, pushing the yield down six basis points to 4.431 percent. Investors expect the ruble to reach 32.0383 per dollar in three months, compared with expectations of 32.091 per dollar yesterday, non-deliverable forwards show.

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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