Ruble Gains 4th Day as Russia Exporter Demand Outweighs S&P Risk
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The ruble gained for a fourth day as tax payments and speculation Russian exporters are being pushed to sell foreign currency outweighed concern that the sovereign’s credit rating will be cut to junk.
The ruble climbed 0.8 percent to 54.10 a dollar by 6:10 p.m. in Moscow. It had weakened as much as 1.8 percent after Standard & Poor’s said late yesterday there’s at least a 50 percent chance it will take Russia’s rating below investment grade within 90 days. The yield on government bonds due in August 2023 increased 13 basis points to 13.57 percent.