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Ruble Jumps to Weekly High as Oil Rises on U.S. Inventory Report

The ruble strengthened to the highest level in a week, gaining for a second day, after the prices for oil, Russia’s biggest export, rose on a report showing U.S. fuel stockpiles declined more than expected.

The Russian currency appreciated 0.6 percent to 29.444 per dollar at the close in Moscow, its strongest closing level since April 3, after rising 0.4 percent yesterday. The yield on Russia’s 119 billion rubles ($4 billion) of local OFZ bonds due 2021 slipped one basis point to 7.97 percent.

Crude futures rose 1.1 percent to $103.82 a barrel in New York after a 1.7 percent jump yesterday as U.S. gasoline inventories retreated 4.3 million barrels, more than the 1.38 million-barrel drop projected by a Bloomberg News survey.

The ruble advanced 0.2 percent to 38.79 per euro and strengthened 0.4 percent to 33.6497 against the central bank’s target dollar-euro basket. Investors pared bets on the currency depreciating, with non-deliverable forwards projecting the ruble at 29.827 per dollar in three months, compared with expectations of 30.0588 per dollar yesterday.

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