Ruble Soars to Seven-Year High in Challenge to Bank of Russia

(Bloomberg) — The ruble rose to the highest level since July 2015, extending a rally that’s worrying the Bank of Russia as it may undermine the nation’s export competitiveness and government finances.

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The currency jumped as much as 1.7% to 55.44 per U.S. dollar, taking its advance this year to 35%, by far the biggest among global exchange rates tracked by Bloomberg. The gains come even after policymakers lowered the benchmark rate by a total of 1,050 basis points…

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