The ruble weakened for a third day against the dollar as concern Europe’s debt crisis won’t be contained curbed appetite for riskier emerging-market assets.
The Russian currency depreciated as much as 0.2 percent against the dollar before trading down 0.1 percent at 31.8601 as of 10:16 a.m. in Moscow. The ruble strengthened 0.2 percent to 39.12 per euro, leaving it little changed at 35.1430 against the central bank’s target euro-dollar basket.
Bank of England Governor Mervyn King said Europe’s crisis has “no obvious end in sight” before a report tomorrow that may show gross domestic product in the euro region contracted in the second quarter after remaining flat in the previous three months. Urals crude, Russia’s main export blend, lost 0.3 percent on Aug. 10, snapping a seven-day rally.
Investors increased bets on the ruble weakening further, with non-deliverable forwards showing the currency retreating to 32.3615 in three months, compared with 32.3415 per dollar last week.