Ruble Weakens for Third Day Against Dollar, Euro as Oil Drops

The ruble depreciated against the dollar and the euro for a third day as oil, the country’s chief export, dropped in New York.

The Russian currency depreciated 0.3 percent to 29.7425 per dollar at the 7 p.m. close in Moscow, after losing 0.2 percent yesterday. Russia’s 114 billion rubles ($3.8 billion) of local OFZ bonds due 2021 fell for a fifth day, lifting the yield seven basis points to 8.01 percent.

Crude futures extended yesterday’s decline of 0.8 percent and traded 1.4 percent lower at $101.03 a barrel in New York before a report forecast to show U.S. stockpiles climbed 2 million barrels to 364.4 million last week, according to a Bloomberg News survey of analysts.

The ruble was 0.4 percent weaker at 38.90 per euro and lost 0.4 percent to 33.8634 against the central bank’s target dollar-euro basket. Investors increased bets on the currency depreciating, with non-deliverable forwards showing the ruble at 30.169 per dollar in three months, compared with expectations of 29.9685 per dollar yesterday.

Editors: Peter Branton, Alan Purkiss

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