Ruble Erases Gain as $9 Billion Intervention Fails to Stem Rout - Bloomberg

Ruble Erases Gain as $9 Billion Intervention Fails to Stem Rout - Bloomberg:



"The ruble erased its first advance in nine days as more than $9 billion in interventions failed to stem the Russian currency’s rout amid a slump in oil prices.


The ruble weakened 0.8 percent to 45.9008 versus the central bank's dollar-euro basket as of 10:28 a.m. in Moscow, headed for a record low on a closing basis. It strengthened 0.6 percent yesterday after the government said it plans to start auctioning foreign currency to address a domestic dollar and euro shortage.



Policy makers sold $2.3 billion of foreign currency on Oct. 14, taking the total spent this month to slow the depreciation to $9.3 billion. The world’s biggest energy exporter is stepping up its support for the ruble as the price of oil slumps to a four-year low in London and sanctions block companies from international debt markets. Brent crude fell for a fourth day, losing 1.1 percent to $82.86 per barrel."



'via Blog this'