Ruble Climbs With Oil as $15 Billion Tax Bill Bolsters Demand
- Russian bonds gain, pushing yield down most in more than week
- Citigroup recommends buying ruble as proxy for oil with carry
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The ruble strengthened for a second day as oil extended gains and exporters bought the local currency to prepare for almost $15 billion of tax deadlines this month.
Russia’s currency advanced 0.8 percent to 77.749 against the dollar by 7:50 p.m. in Moscow as Citigroup Inc. recommended buying the ruble, saying it worked as an oil proxy with “better carry.” Government bonds rose, pushing the yield on five-year notes down nine basis points to 10.34 percent.