Emma O’Brien
Bloomberg
December 28, 2010
- A d v e r t i s e m e n t
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The ruble gained to its strongest level in two months against the dollar and is headed for its best month this year as oil prices near a two-year high and rising interest rates bolster the currency’s appeal.
Russia’s currency climbed as much as 0.7 percent to 30.15 per dollar today, the strongest intraday level since Oct. 25, and bound for its highest close since Oct. 14. The ruble, which was little changed at 34.6667 versus the central bank’s target dollar-euro basket today, has gained 3.1 percent in December versus the mechanism used to limit swings in the currency that disadvantage exporters, its biggest monthly advance since September 2009, according to data compiled by Bloomberg.
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Crude, which along with natural gas makes up about a quarter of Russia’s economic output, rose as much as 0.4 percent to $91.34 a barrel in New York today, near its highest in two years, amid speculation declining U.S. fuel stockpiles will bolster prices. Bank Rossii lifted the rate charged on ruble deposits kept with the central bank by 0.25 percentage point to 2.75 percent Dec. 24, amid concern “inflation risks” are increasing, according to a statement issued after last week’s monetary policy review.
