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 Second Day as Crude Oil Retreats After Output Gain

Don't Miss Out —
Follow us on:

Oct. 3 (Bloomberg) -- The ruble weakened for a second day as crude oil, Russia’s main export earner, slid.

The currency fell 0.4 percent to 31.2010 as of 7 p.m. in Moscow and was little changed versus the euro at 40.2200. The ruble sank 0.2 percent agains the central bank’s euro-dollar target basket.

Oil retreated 3.4 percent to $88.85 per barrel in New York after the U.S. Energy Department said crude output rose 11,000 barrels a day to 6.52 million last week, the most since December 1996. Oil and gas account for about 50 percent of Russia’s state revenue.

“Recent oil price softness” is a “source of risk,” Benoit Anne, the head of emerging markets strategy at Societe Generale SA in London, said in an e-mail.

Non-deliverable forwards showed the ruble at 31.6753 per dollar in three months compared with 31.5938 yesterday.

The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries fell three basis points to 198 basis points, according to JPMorgan Chase & Co.’s EMBI Global Index. An index of five-year government bond yields rose four basis points to 7.569 percent.

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@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.