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Ruble Strengthens Against Dollar, Bond Yields Fall on Brent Gain

The ruble appreciated against the dollar and yields on Russia’s international debt declined as oil, the nation’s main export, advanced.

The Russian currency gained 0.5 percent to 32.627 per dollar by the close in Moscow, the strongest since July 5. That gave it a 0.6 percent increase in the week. The government’s $3 billion of Eurobonds due 2042 rose, cutting the yield 16 basis points, or 0.16 percentage point, to 4.771 percent.

Brent crude jumped 1.1 percent to $102.22 per barrel amid speculation China will boost stimulus to spur a recovery. Oil and gas together contribute about 50 percent of Russia’s state revenue, according to the government’s estimates.

“Key Chinese economic data lent a positive background to the morning session,” Vladimir Kolychev, chief economist at Societe Generale SA’s OAO Rosbank unit in Moscow, wrote in a research note to clients. “The rise in oil prices is raising interest in the ruble.”

The ruble was little changed at 39.95 per euro and rallied 0.2 percent to 35.9224 against the central bank’s dollar-euro basket. Investors pared bets on the currency weakening, with non-deliverable forwards showing the ruble at 33.156 per dollar in three months, compared with expectations of 33.2825 per dollar yesterday.

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