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Ruble Gains With Oil as Exporters Convert Dollars for Dividends

  • Russian currency influenced by oil, company payments: ING
  • Lukoil leads biggest decline in five weeks on Micex Index
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The ruble gained as oil rebounded after falling into a bear market and Russian companies sold dollars to prepare for dividend payments.

The currency of the world’s largest energy exporter rose 0.8 percent to 66.35 per dollar by 6:15 p.m. in Moscow. Brent crude increased 0.5 percent after Bank of America Merrill Lynch said on Tuesday crude’s 15 percent decline in the past month represents a good buying opportunity.