Ruble to Micex Rally as Sanctions Risk Eases Before Debt Sale

The ruble strengthened to a three-month high while Russian stocks climbed on speculation the U.S. and European Union won’t rush to impose tougher sanctions. Bonds gained before the government holds a debt auction tomorrow.

The currency strengthened 0.9 percent to 40.6185 against the central bank’s target dollar-euro basket by 6 p.m. in Moscow, the strongest level since Feb. 12. The benchmark stock gauge added 0.7 percent to 1,385.29 by the close, the highest since Feb. 28. Yields on ruble-denominated debt due in August 2023 declined one basis point to 8.96 percent, the lowest level in more than four weeks on a closing basis.