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Ruble Weakens to Catch Up With Lower Oil Prices: Inside Russia, By Vladimir Kuznetsov

(Bloomberg) — The ruble weakened against the dollar,
catching up with Monday’s declines in Brent crude oil. The yield
on 10-year bonds was steady, halting a three-day drop, ahead of
auctions terms announcement.
* Ruble declines 0.1% against the dollar to 59.9300
* Given the oil price, USD/RUB might return to 60 or even
higher, ING Groep’s analyst Dmitry Polevoy writes in e-mailed
note
** ING notes aggressive hedge-fund buying of OFZ bonds, making
bets on potential 50bps rate cut in September and RUB
stabilization
* Brent crude for Oct. delivery little changed at $50.75/bbl
after sliding 2.6% on Monday
** Brent oil in ruble terms rises to 3,043 vs. 12-month average
of 3,094
* Yield on Russian bonds due Feb. 2027 steady at 7.73%
* Micex Index of shares -0.3% to 1,946.24

TODAY:
* About 4pm: Finance Ministry publishes terms for Wednesday bond
auctions
* Federal Statistics Service may report industrial production in
July (est. +3.3% y/y)

BOND AND MONEY MARKETS:
* Bank of Russia offers 150b rubles in 3-month bills at auction
* Bank of Russia holds 1-week deposit auction
* Treasury offers 300b rubles in 1-day OFZ repo auction
* Treasury offers 100b rubles in 35-day deposits
* Bank of Russia offers $100m in 7-day FX repo
* VTB offers 75b rubles in 1-day bonds

To contact the reporter on this story:
Vladimir Kuznetsov in Moscow at vkuznetsov2@bloomberg.net
To contact the editors responsible for this story:
Scott Rose at rrose10@bloomberg.net
Anil Varma

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