Ruble Rallies for Third Day as Local Taxes Offset Oil Declines
- Sberbank estimates companies face $13.5 billion tax payment
- Finance Ministry will offer 20b rubles of bonds tomorrow
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Russia’s ruble strengthened for a third day as companies converted foreign-currency revenue to pay local taxes, eclipsing the impact of a drop in oil prices.
The currency of the world’s biggest energy exporter gained 0.5 percent to 63.9750 per dollar as of 6:46 p.m. in Moscow, even as Brent crude fell for the first time in three days.