The ruble rises for the ninth session

The Russian ruble rose for the ninth straight session in Moscow, closing near 83 to the dollar on Thursday, and stocks jumped as some limits on short-selling were lifted, with the market focusing on the effects of Moscow’s demand to pay for its gas exports in rubles.

The ruble rose 1.6 percent against the dollar at 83.20, its largest close since February 25, and rose 1.8 percent against the euro to close at 92.50 against the European currency.

The ruble has lost about 40 percent of its value since its 2021 closure with the start of global restrictions and sanctions in response to Moscow’s invasion of Ukraine late last month.

In Moscow trading, the ruble rose in 15 sessions out of 16.

The Russian currency extended gains made last week after President Vladimir Putin demanded that the price of natural gas exported to Europe be paid in rubles, a move that prompted European countries to act.