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Russian Ruble Gains Despite Interest Rate Cut

September 6, 2019 at 18:34 by Vladimir Vyun

Some Russian ruble banknotesRussia’s central bank continued with its monetary easing, lowering interest rates today. But that did not prevent the Russian ruble from gaining on the US dollar, which was rather soft today due to unexpectedly weak nonfarm payrolls.

The Bank of Russia announced that it cut its main interest rate by 25 basis points to 7% today. The central bank explained its decision by slowing inflation. That was the third cut in a row. Furthermore, the bank signaled that it may continue reducing interest rates further if need be:

If the situation develops in line with the baseline forecast, the Bank of Russia will consider the necessity of further key rate reduction at one of the upcoming Board of Directors’ meetings.

USD/RUG dropped by 0.77% to 65.7319 as of 18:33 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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