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. Last Updated: 07/27/2016

Ruble, Stocks Climb on Interest Cut

The ruble climbed to its strongest level in three days against the dollar and stocks hit a two-week high on Thursday as oil prices rose toward $50 a barrel and interest rate cuts lured investors to the nation's stocks.

The currency jumped as much as 1 percent to 33.6 per dollar on Thursday, the strongest since April 20, while it gained 0.7 percent to 38.23 versus the dollar/euro basket.

"The main issues for the ruble at the moment are the oil price and what the equity market is doing," said Yaroslav Lissovolik, chief economist in Moscow at Deutsche Bank. "There's obviously a relationship between the currency and equities as people need to borrow rubles to buy stocks."

The RTS Index jumped 4.5 percent, the biggest one-day gain since April 9, to 820.70. The ruble-denominated MICEX Index increased 2.6 percent to 928.14.