Ruble Slips From Eight-Month High as Dividend Support Weakens
- Sberbank sees ruble gains ‘restrained’ through end of month
- Micex Index on course for 2.5% weekly gain, RusHydro advances
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The ruble declined for the first day in four, paring its weekly gain, as Russian exporters slowed the pace of converting export revenue for local dividend payments, removing support that helped the currency outperform the price of oil.
The Russian currency retreated from an eight-month high, declining 0.7 percent versus the dollar to 63.300 by 4:40 p.m. in Moscow and trimming its advance over the week to 1.2 percent. Brent crude reversed earlier losses and rose 0.8 percent in London trading to $47.78 per barrel, heading for a gain of 2.2 percent this week.