People are seen near a currency exchange office in central Moscow April 30, 2015. REUTERS/Sergei Karpukhin
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The ruble headed for its best month since at least 1993, spurring the central bank to cut interest rates for the third time this year to stem a rally that analysts said had gone too far.While the Bank of Russia surprised most economists with a 150 basis-point cut to its key rate Thursday, the ruble only briefly extended declines to 1.8 percent before trading 0.5 percent weaker at 51.2840 per dollar by 1:56 p.m. in Moscow.Russia has lowered its key interest rate by 400 basis points this year after hoisting it to an 11-year high of 17 percent in December to prevent the ruble's plunge from stoking inflation beyond 13-year highs.The yield on five-year government bonds fell 20 basis points to 11.18 percent Thursday, bringing this year's drop to 423 basis points.
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