Bank of Russia to keep key rate at 11% on Friday: survey The ruble gained for a third day, sparking concern the currency is overvalued relative to the price of oil and threatening government efforts to cover its budget. The exchange rate, which has fallen 6.3 percent in the past month, strengthened 0.6 percent per dollar to 68.9300 by 6:28 p.m. in Moscow. Brent crude, the benchmark for the country’s main export blend, fell 0.7 percent to $39.83. The price of Brent crude in local currency terms declined Thursday to a five-year low, a day before the Bank of Russia meets to discuss monetary policy. The low price Russia gets for oil puts a strain on budget revenue at a time the government is struggling to contain its biggest budget deficit in five years. “The ruble seems to be ignoring oil,” said Alexei Egorov, an analyst at PAO Promsvyazbank […]