Sept. 29 (Bloomberg) -- Canada’s currency depreciated against its U.S. counterpart as stock-index futures and crude oil fell and an interest rate cut by the Russian central bank sparked concern that a global recovery could falter.
“Oil is weak, as are equities, which is weighing on the Canadian dollar,” said Camilla Sutton, a currency strategist in Toronto at Scotia Capital Inc., a unit of Canada’s third-biggest bank. “The Russian central bank cutting rates is one of the many reminders that though a global recovery appears to be taking shape, it is still fragile.”
The Canadian dollar weakened 0.3 percent to C$1.0889 per U.S. dollar at 8:08 a.m. in Toronto, from C$1.0846 yesterday. One Canadian dollar buys 91.84 U.S. cents.
Bank Rossii cut the refinancing rate to 10 percent from 10.5 percent and lowered the repurchase rate charged on central bank loans to 9 percent from 9.5 percent, the bank said on its Web site today.
Futures on the Standard & Poor’s 500 Index expiring in December dropped 0.2 percent. Crude oil for November delivery dropped as much as 1.1 percent to $66.13 a barrel in electronic trading on the New York Mercantile Exchange.
