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Russian Ruble Falls After Interest Rate Cut

June 10, 2016 at 19:19 by Vladimir Vyun

Top view on various RUB billsThe Russian ruble fell versus the US dollar today after Russia’s central bank cut its main interest.

The Bank of Russia reduced its key rate from 11% to 10.5% today. The central bank was optimistic in its outlook:

 

The Board of Directors notes the positive trends of more stable inflation, decreased inflation expectations and inflation risks against the backdrop of imminent growth recovery in the economy.

Nevertheless, prospects for additional cuts remain:

The Bank of Russia will consider the possibility of a further rate cut based on estimates for inflation risks and alignment of inflation decline with the forecast trajectory.

USD/RUB climbed 1.49% from 64.3075 to 65.2480 as of 19:14 GMT today.

If you have any questions, comments or opinions regarding the Russian Ruble, feel free to post them using the commentary form below.

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