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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