July 17 (Bloomberg) -- The ruble appreciated against the dollar for a third day and yields on Russia’s international debt declined after a gain in oil, the country’s main export.
The Russian currency added 0.2 percent to 32.54 per dollar by the close in Moscow. The ruble strengthened 0.5 percent to 39.7075 per euro and 0.4 percent to 35.7654 against the central bank’s target dollar-euro basket.
Brent crude traded little changed at $103.89 per barrel, 1.6 percent higher than at yesterday’s close in Russia. Oil and gas contribute about 50 percent of the country’s state revenue, according to the government’s estimates.
Russia’s $3 billion of Eurobonds due 2042 climbed for a third day, cutting the yield by seven basis points, or 0.07 percentage point, to 4.561 percent.
Russia’s markets pared earlier gains after Federal Reserve Chairman Ben S. Bernanke said progress in reducing unemployment is likely to be “frustratingly slow” and refrained from discussing specific monetary actions to spur the economy. The ruble had earlier strengthened as much as 0.8 percent against the dollar.
Investors pared bets on the currency weakening, with non-deliverable forwards showing the ruble at 33.0428 per dollar in three months, compared with expectations of 33.0740 per dollar yesterday.
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org