The Russian ruble weakened against the U.S. dollar in the early European session on Friday, ahead of the central bank's monetary policy meeting due shortly.

The Russian central bank will announce its rate decision at 5:30 am ET. The bank is expected to retain its auction based repo rate at 17 percent.

Against the greenback, the ruble fell to a 1-1/2-month low of 69.88 from an early high of 67.60. At yesterday's close, the ruble was trading at 68.44 against the greenback.

If the ruble extends its downtrend, it is likely to find support around the 78.75 area.

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