The ruble depreciated against the central bank’s target dollar-euro basket for a second day, sliding to its weakest close in more than two months after a report showed U.S. employers added fewer workers than forecast last month.
The ruble lost 0.6 percent to 33.8926 against the basket, the biggest drop since March 28. Yields on Russian local ruble-denominated debt due 2027 rose two basis points to 8.27 percent.
Crude futures declined 4.2 percent to $98.26 per barrel in New York after Labor Department figures showed U.S. payrolls climbed 115,000, the smallest gain in six months. The median estimate of 85 economists surveyed by Bloomberg called for a 160,000 advance.
The jobs data “added to the depreciation of the ruble,” Peter Neimyshev, head of foreign exchange at Otkritie Bank in Moscow, said by e-mail. “We’ll watch the developments on the oil market.”
Exporters converting revenue from abroad into rubles may help offset the depreciation in the Russian currency, Neimyshev said. “There’s no shortage of dollar funds in the market” for investors selling rubles, he said.
The ruble lost 0.8 percent to 29.7301 per dollar and 0.4 percent to 38.98 per euro. Investors increased bets on the currency weakening, with non-deliverable forwards showing the ruble at 30.1675 per dollar in three months, compared with expectations of 29.91 per dollar yesterday.
Russia’s dollar debt due 2015 was little changed with the yield at 2.076 percent. Similar-maturity Eurobonds issued by OAO Sberbank, Russia’s largest lender, yielded eight basis points less than yesterday at 3.234 percent, while the yield on 2015 dollar notes from state gas monopoly OAO Gazprom dropped three basis points to 3.298 percent.
The cost of insuring Russian debt against nonpayment over five years with credit default swaps rose three basis points to 189 basis points, according to data compiled by Bloomberg.