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Ruble Erases Gains Against Dollar on Euro Concern; Bonds Rise

The ruble erased gains, depreciating for a fourth day against the dollar as Spanish bond yields surged, a sign the European debt crisis may be deepening.

The Russian currency lost 0.2 percent to 32.1015 per dollar by the close in Moscow, after earlier rising as much as 0.8 percent. The country’s $3.5 billion of Eurobonds due 2020 rose, sending the yield eight basis points, or 0.08 percentage point, lower to 3.978 percent.

Yields on 10-year Spanish bonds rose to the highest level relative to benchmark German bunds since the euro was created, spurring bets the region’s debt crisis may be spreading away from Greece. The European Union is Russia’s largest trading partner.

The ruble weakened 0.6 percent to 40.28 per euro and 0.4 percent to 35.7818 against the central bank’s target dollar-euro basket. Investors increased bets on the ruble weakening, with non-deliverable forwards showing the Russian currency at 32.6053 per dollar in three months, compared with expectations of 32.5365 per dollar on May 25.

The cost of insuring Russian debt against nonpayment over five years with credit default swaps fell one basis point to 250 basis points, according to data compiled by Bloomberg.

The ruble has depreciated 8.4 percent against the dollar since the end of April, heading for the biggest monthly loss since September. Over the same period Brazil’s real fell 3.6 percent, India’s rupee lost 4.4 percent and China’s yuan weakened 1 percent, the data show.

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