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Ruble Gains Versus Basket as Oil Climbs, Drops Against Dollar

Oct. 9 (Bloomberg) -- The ruble climbed against the central bank’s target currency basket as crude oil, Russia’s chief export earner, gained in London.

The ruble rose 0.3 percent as of 7 p.m. in Moscow to 35.2164 against the euro-dollar basket, which Bank Rossii uses to smooth exchange rate fluctuations that can crimp exporters’ competitiveness. It weakened less than one kopek to 31.1649 against the dollar and advanced 0.6 percent versus the euro to 40.1682.

Brent crude rose 1.3 percent to $113.23 a barrel by the close of currency trading in Moscow. Oil and gas account for about 50 percent of Russia’s government revenue. Non-deliverable forwards showed the ruble at 31.6100 per dollar in three months compared with 31.6135 yesterday.

The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries gained three basis points to 190, according to JPMorgan Chase & Co.’s EMBI Global Index. An index of five-year government bond yields rose one basis point to 7.429 percent.

Serbia’s central bank added the ruble to a list of 12 currencies that banks in the Balkan nation are allowed to trade in the local market. Russia is Serbia’s second-biggest trading partner after Germany, accounting for 7.4 percent of the Balkan country’s exports and 10.7 percent of its imports.

To contact the reporter on this story: Lyubov Pronina in London at lpronina@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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