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Ruble Rises Fourth Day Versus Dollar on Oil, Looming Tax Payouts

Dec. 12 (Bloomberg) -- The ruble gained for a fourth day as oil, Russia’s biggest revenue earner, advanced and exporters prepared to pay monthly taxes next week, increasing demand for the local currency.

The ruble appreciated 0.4 percent against the dollar to 30.5975 by 7 p.m. in Moscow. It gained 0.3 percent versus the central bank’s target euro-dollar basket at 34.7764 and added 0.1 percent versus the euro at 39.8840.

Brent crude climbed 1.1 percent to $109.22 a barrel in London, increasing for a third day, after the International Energy Agency increased its oil demand forecast for 2013. Oil and gas account for about 50 percent of government revenue. Companies are buying the local currency to pay about 360 billion rubles ($11.7 billion) in levies, including value-added tax next week, according to OAO Nomos Bank in Moscow.

“Companies began transferring their dollar revenues into rubles ahead of tax payouts, which is supporting the national currency,” Alexei Egorov, an analyst with Nomos Bank, said by e-mail.

Non-deliverable forwards showed the ruble at 31.0206 per dollar in three months compared with 31.1560 yesterday.

The extra yield investors demand to own Russia’s dollar bonds over U.S. Treasuries fell three basis points, or 0.03 percentage point, to 183, according to JPMorgan Chase & Co.’s EMBI Global Index. An index of five-year government bond yields rose one basis point to 6.474 percent.

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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