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Ruble falls most in two months as ministry seeks weaker currency

Posted on 19 June 2013

The ruble sank the most in two months as oil fell and investors bet on declines after the Finance Minister supported a weaker currency. The ruble dropped 1.1 percent against the central bank’s dollar-euro basket, the most since April 17, to trade at 36.8825 by 1:26 p.m. in Moscow. The yield on OFZ ruble bonds due 2027 rose eight basis points to 7.64 percent.
Russia is weighing a weaker ruble to spur flagging growth and is considering buying foreign currency on the market before sending oil and gas revenue to its Reserve Fund, Finance Minister Anton Siluanov said in an interview last week. Crude oil, Russia’s main export earner, declined 0.2 percent to $105.26 a barrel in London. The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-traded currencies, slid to the lowest level since Sept. 12………………………………………..Full Article: Source


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