Ruble Rises for Fifth Day Against Dollar, Gains Versus Basket

By Emma O'Brien

Sept. 23 (Bloomberg) -- Russia's ruble rose for a fifth day against the dollar and strengthened versus the central bank's dollar-euro basket.

The managed currency traded at 30.3472 to the basket by 10:45 a.m. in Moscow, from 30.4062 yesterday.

Bank Rossii contains the ruble within a trading band against the basket to limit the effect of its fluctuations on the competitiveness of Russian exports. The basket rate is calculated by multiplying the ruble's rate to the dollar by 0.55, the euro rate by 0.45, then adding them together.

The currency strengthened for a fifth day against the dollar, rising to 24.9895, from 25.0281 yesterday. It also rose to 36.8887 per euro, from 36.9393.

The ruble has weakened against the dollar and the euro this year as Russia's war with neighboring Georgia in August spurred investors to take about $25 billion out of the country, Alexander Morozov, chief economist at HSBC Bank in Moscow, said in a research note e-mailed yesterday. The central bank sold more than $15 billion in foreign currency since Aug. 8 to support the ruble, he said.

To contact the reporter on this story: Emma O'Brien in Moscow at eobrien6@bloomberg.net