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Ruble heads for worst quarter in year on commodities outlook

Posted on 01 July 2013

The ruble was poised for the biggest quarterly drop in a year on concern commodities will decline and as companies finished paying taxes. The ruble depreciated 0.3 percent against the dollar to 32.9075 by 6 p.m. in Moscow, a 5.6 percent decline in the quarter. The currency lost 0.2 percent against the dollar-euro basket to 37.4005, extending its drop in the quarter to 6.4 percent.
Russia’s central bank has been buying rubles since May 29 to slow a 3.1 percent slide against the basket this month after U.S. Federal Reserve Chairman Ben S. Bernanke said the regulator may start reducing bond purchases that have fueled asset-price gains………………………………….Full Article: Source


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