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Name Symbol Market Type
US Dollar vs Russian Ruble FX:USDRUB Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.2334 0.31% 76.2234 76.1884 76.2584 76.4055 75.93 75.9898 0 09:23:55

Russian Ruble Dips To 4-day Low Versus U.S. Dollar After Russia Rate Cut

24/07/2020 9:24am

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The Russian Ruble depreciated against the U.S. dollar in the European session on Friday, after Russia's central bank lowered its key rate by 25 basis points to a new record low and signaled more reductions as the economy is expected to follow a gradual recovery from the downturn caused by the coronavirus pandemic.

The Board of Directors, led by Governor Elvira Nabiullina, decided to reduce the benchmark rate to 4.25 percent from 4.50 percent. The decision came in line with economists' expectations.

The bank said it will consider the necessity of further key rate reduction at its upcoming meetings.

The Russian Ruble weakened to a 4-day low of 72.00 against the greenback, from yesterday's closing value of 71.24. The Ruble may challenge support around the 75.00 level.

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