Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ruble Weakens Against Dollar for First Day in Three as Oil Falls

Don't Miss Out —
Follow us on:

July 12 (Bloomberg) -- The ruble depreciated against the dollar for the first day in three as oil, Russia’s main export, declined.

The Russian currency lost 0.2 percent to 32.78 per dollar by the 7 p.m. close in Moscow. The ruble gained 0.5 percent to 39.9301 per euro and was little changed at 35.9975 against the central bank’s target dollar-euro basket.

Brent crude lost 1.1 percent to $99.16 per barrel after the International Energy Agency trimmed its oil-demand outlook for this year and predicted “muted” growth in 2013. Oil and gas together contribute about 50 percent of Russia’s state revenue, according to the government’s estimates.

“The external backdrop is moderately negative, which constrains the potential for improvement in the Russian market,” analysts at OAO Sberbank, Russia’s largest lender, wrote in markets commentary on its website today.

Investors increased bets on the ruble weakening, with non-deliverable forwards showing its at 33.3103 per dollar in three months, compared with expectations of 33.255 per dollar yesterday.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.