Russian Ruble Falls Against U.S. Dollar After Russia Rate Cut
September 15 2017 - 4:15AM
RTTF2
The Russian Ruble dropped against the U.S. dollar in the
European session on Friday, trimming early gains, after the Russian
central bank cut the benchmark rate by half a percentage point,
citing the risk of inflation overshooting the 4 percent target over
the medium term, and signaled that further reductions are possible
over the next two quarters.
The Board of Directors decided to cut the key rate by 50 basis
points to 8.50 percent, the Bank of Russia said in a statement. The
reduction was in line with economists' expectations.
"In order to maintain inflation close to the 4 percent, the Bank
of Russia will continue to conduct moderately tight monetary
policy," the bank said.
The ruble dropped to 57.66 against the greenback, off its early
3-day high of 57.27. On the downside, 59.00 is possibly seen the
next support level for the ruble.
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