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Ruble Weakens for Eighth Day as Oil Pares Gains on Greece

May 15 (Bloomberg) -- The ruble weakened for an eighth day against the dollar, erasing earlier gains, as crude oil gave up its advance after the failed talks in Greece to form a new government curbed appetite for emerging-market assets.

The Russian currency depreciated 0.6 percent to 30.6 per dollar by the close in Moscow, extending its longest stretch of declines since December and wiping out a rise of as much as 0.4 percent. The ruble fell 0.2 percent to 39.14 per euro and declined 0.4 percent to 34.443 against the central bank’s target dollar-euro basket.

Crude oil for June delivery fell 0.2 percent to $94.61 in New York, erasing its earlier advance of as much as 0.7 percent. Greek Pasok party leader Evangelos Venizelos said new elections will be held after attempts to form a government failed, adding to concerns the country may exit the euro area.

The ruble has dropped 3.8 percent against the dollar since the end of the first quarter, heading for its first quarterly loss since Sept. 30. Over the same period Brazil’s real fell 8.7 percent, India’s rupee declined 5.6 percent and China’s yuan depreciated 0.4 percent.

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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