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Russian Markets Climb as Putin Detente With U.S. Upstages Oil

  • Government sells all 15b rubles offered at OFZ auctions
  • Citigroup sees falling oil putting pressure on fragile ruble
Updated on

Russian stocks and the ruble advanced for a third day as improving relations with the U.S. and Europe boosted bets sanctions will be scaled back. Citigroup Inc. said the currency remained vulnerable to fluctuating oil prices.

The ruble strengthened 0.4 percent to 64.893 per dollar by 4:55 p.m. in Moscow, bringing its gain this week to 2.9 percent. The Micex Index climbed 1.6 percent on Wednesday and bonds rose, pushing the yield on five-year notes nine basis points lower to 9.97 percent. The Finance Ministry sold all 10 billion rubles ($154 million) of February 2027 bonds and 5 billion rubles of January 2020 floating-rate securities, the entire targeted amount, at the two auctions today.