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Ruble Strengthens for 2nd Day Versus Dollar After Greek Election

June 18 (Bloomberg) -- The ruble appreciated against the dollar for a second day and yields on Russia’s international debt declined as gains by pro-bailout parties in Greek elections eased concern the country will leave the euro.

The Russian currency added 0.2 percent to 32.45 per dollar by the close in Moscow. The country’s $3 billion of Eurobonds due July 2018 rose for the first day in three, lowering the yield by 12 basis points, or 0.12 percentage point, to 3.678 percent.

The New Democracy and Pasok parties won enough seats to form a majority in the 300-member parliament yesterday, according to an official projection, easing concern that Greece would reject austerity measures needed to qualify for international aid. Urals crude jumped 1.1 percent to $96.97 per barrel.

“The rally’s just in line with the positive dynamic from global markets, inspired by results in the Greek elections which were better than they could have been,” Sergey Romanchuk, head of foreign exchange and money markets at OAO AKB Metalinvest Bank in Moscow, said by e-mail.

The ruble strengthened 0.6 percent to 40.8005 per euro and 0.4 percent to 36.2077 against the central bank’s target dollar-euro basket. Investors pared bets on the currency weakening, with non-deliverable forwards showing the ruble at 32.98 per dollar in three months, compared with expectations of 32.974 per dollar on June 15.

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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