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Ruble Gains in Longest Rally Since January as Yield Drops to Low

The ruble advanced for its longest rally since January and the yield on the government’s ruble-denominated Eurobonds fell to a record low on bets global central bank stimulus will stoke appetite for risky assets.

The ruble climbed for a seventh day, rising 0.2 percent to 31.5100 per dollar at 7 p.m. in Moscow. Russia’s Eurobonds in rubles due 2018 advanced for a fifth day, lowering the yield one basis point to 5.93 percent, the lowest since the securities were first sold in February last year.

Urals crude, Russia’s largest export earner, rose 0.7 percent to $113.12 a barrel as investors anticipate a third round of bond purchases may be announced by the U.S. Federal Reserve tomorrow.

“Everybody on the market seems to be waiting for tomorrow’s” Fed move, Dmitry Polevoy, a Moscow-based economist at ING Groep NV, said by e-mail.

The Finance Ministry sold 9.9 billion rubles ($316 million) of 15-year government bonds at an auction today at the lowest rate. The ministry sold 3.06 billion rubles of 2019 bonds in a later offering of 20 billion rubles.

Demand for the longer-maturity notes demonstrates investors’ “faith” in Russia’s budget policies, Finance Minister Anton Siluanov told reporters in Moscow today. Russia will continue to offer long-maturity notes if they stay in demand, he said.

The currency was down 0.1 percent against the euro at 40.6016 and was little changed against the central bank’s target euro-dollar basket. Non-deliverable forwards showed the ruble at 31.9295 per dollar in three months compared with 31.9585 yesterday.

The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries decreased five basis points to 193, according to JPMorgan Chase & Co.’s EMBI Global Index. An index of five-year government bond yields compiled by the Micex rose eight basis points to 7.534 percent.

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