By Emma O'Brien
Oct. 20 (Bloomberg) -- The ruble surged against the dollar by the most in more than nine years and gained versus the euro.
The managed currency climbed to 25.8838 per dollar by 10:46 a.m. in Moscow, from 26.3566 at the end of last week, the biggest gain since May 17, 1999. The ruble rose to 35.0281 per euro, from 35.3415. It gained 1.2 percent to 30.0291 against the central bank's dollar-euro basket.
Bank Rossii keeps the currency confined to a trading band against the basket to limit the effect of its fluctuations on the competitiveness of exporters. 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.
To contact the reporter on this story: Emma O'Brien in Moscow at eobrien6@bloomberg.net
Monday, October 20, 2008
Russian Ruble Surges to Biggest Gain Against Dollar in 9 Years
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