Russia’s Ruble Climbs as Turkey Seen Driving Flows to Russia
- Ruble outperforming crude oil on tax, dividend payments
- Investors may see Russia as Turkey alternative: Promsvyazbank
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The ruble extended last week’s rally as exporters bought the currency to pay local dividends and taxes, while some traders speculated the coup attempt in Turkey will spur investors to seek alternatives in the Russian market.
The currency increased 0.7 percent to 63.08 by 6:02 p.m. in Moscow, taking its gain this year to 17 percent, the most in emerging markets after Brazil’s real. Its appreciation on Monday outstripped a 2.2 percent drop for crude oil, Russia’s main export earner, which traded at $46.55 per barrel.