Ruble Gains Third Day as Russia Tells Exporters to Sell Dollars
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The ruble headed for a third day of gains after the Russian government called on some companies to sell foreign exchange received from exports.
The ruble strengthened as much as 5.5 percent against the dollar before paring its advance to 0.7 percent at 55.40 per dollar by 6:54 p.m. in Moscow. The government has ordered five state-controlled exporters, including OAO Gazprom, to reduce their foreign-currency holdings by March 1 to levels no higher than on Oct. 1, it said on its website.