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Ruble Weakens Second Day Before U.S. Election; Inflation Slows

Nov. 6 (Bloomberg) -- The ruble slid for the second day as inflation unexpectedly slowed and investors awaited the outcome of presidential elections in the U.S.

The ruble weakened less than 0.1 percent to 31.4850 per dollar by the close in Moscow. The markets were closed yesterday for a national holiday. The currency rose 0.2 percent to 40.3380 versus the euro and was little changed at 35.4689 versus the central bank’s euro-dollar basket.

Russia’s inflation unexpectedly eased in October, slowing for the first time in six months and giving policy makers room to sidestep interest-rate increases. U.S. voters decide today whether to return Barack Obama as president or elect his challenger Mitt Romney.

Consumer prices rose 6.5 percent in October from a year earlier, after a 6.6 percent increase in September, the Federal Statistics Service in Moscow said today in an e-mailed statement. Economists projected a 6.7 percent annual rate according to the median estimate of a Bloomberg survey.

Bank Rossii plans to review interest rates on Nov. 9. The regulator will probably leave the refinancing rate on hold at 8.25 percent, according to a median estimate of 21 economists surveyed by Bloomberg.

Non-deliverable forwards showed the ruble at 31.9648 per dollar in three months.

The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries dropped eight basis points to 184, according to JPMorgan Chase & Co.’s EMBI Global Index. An index of five-year government bond yields was little changed at 7.063 percent.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

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

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