Russian Ruble Slips From 1 1/2 -month High Against Greenback
September 14 2009 - 9:24AM
RTTF2
The Russian ruble traded lower against its US counterpart during
New York trading on Monday. At present, the ruble is trading near
30.87 versus the greenback from early 1 1/2 -month high of 30.6265.
The next upside target level for the Russian currency is seen at
31.236.
Today, Russia's central bank lowered its key interest rates by a
quarter percentage point, the sixth cut since April this year. The
central bank lowered its refinancing rate to 10.50% from 10.75% and
reduced its repurchase rate to 9.5% from 9.75%, effective from
Tuesday.
The Russian economy contracted 10.9% year-on-year in the second
quarter, much quicker than a 9.8% fall in the previous quarter.
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