The ruble strengthened against the dollar for a fifth day and the yield on Russia’s dollar- denominated bonds due 2020 fell amid speculation exporters are converting revenues into the Russian currency to pay taxes.
The Russian currency appreciated 0.2 percent to 29.2347 per dollar as of 2:39 p.m. in Moscow, heading for the strongest closing level this month. The yield on the country’s $3.5 billion of bonds due 2020 dropped one basis point, or 0.01 percentage point, to 3.928 percent.
“The tax period is providing us with good dollar supply,” Dmitry Sinitsyn, head of foreign exchange in Moscow at Credit Suisse Group AG, said by e-mail. “Risk-on sentiment is helping the ruble -- the market feels safe being long on it, with stocks and oil trending upwards.”
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