Ruble Jumps to Weekly High as Oil Rises on U.S. Inventory Report
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The ruble strengthened to the highest level in a week, gaining for a second day, after the prices for oil, Russia’s biggest export, rose on a report showing U.S. fuel stockpiles declined more than expected.
The Russian currency appreciated 0.6 percent to 29.444 per dollar at the close in Moscow, its strongest closing level since April 3, after rising 0.4 percent yesterday. The yield on Russia’s 119 billion rubles ($4 billion) of local OFZ bonds due 2021 slipped one basis point to 7.97 percent.