Ruble recovers after government tells Russian firms to sell foreign currency

The ruble advanced after the Russian government called on some companies to sell foreign exchange received from exports, while tax payments boosted demand for the currency.

The government has ordered five state-controlled exporters, including oil giant Gazprom to reduce their foreign-currency holdings by March 1 to levels no higher than on October 1, it said on its website.

Russia’s currency is rebounding, trimming this year’s decline to 40%, after the central bank last week raised its key interest rate to 17% to stem the ruble’s biggest decline since 1998.