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Russia is racing to stem a rally in the ruble and is poised to accelerate interest rate cuts as officials increasingly view the currency’s rebound as an economic threat.

The biggest currency appreciation globally was initially touted by the Kremlin as a sign the nation had weathered sanctions over its invasion of Ukraine. But now the gains are giving the government pause, as they bite into exporter competitiveness and budget revenue on oil, gas and other commodities sold abroad.

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