The ruble strengthened, trading below 50 versus the dollar for the first time since November, as oil rose and Russia sold the most debt in 17 moths.
The currency climbed for a third day, gaining 1.9 percent to 49.951 per dollar as of 12:45 p.m. in New York. It has gained 22 percent this year, the best performance in the world.
The ruble has climbed as the risk of further sanctions linked to the Ukraine conflict eases and government borrowing costs tumble, bringing the Finance Ministry back to regular debt sales. It last traded below 50 before oil slumped and violence in Ukraine spiraled, triggering the currency’s worst collapse since 1998.