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Russian rouble declines after rate cut

Russian rouble declines after rate cut

07 August 2009 12:40 (UTC +04:00)

Bakuâ€“ APA-Economics. The Russian rouble weakened to 38 versus a euro-dollar basket for first time in 3 weeks on Friday after the central bank announced its fifth interest rate cut since April.
’It is a negative development for rouble in the short term, however we continue to see oil prices as the key driver for the exchange rate,’ said Vladimir Osakovsky, analyst at Unicredit.
Dealers said weaker oil prices had already set the tone for rouble depreciation before the rate cut announcement.
The rouble weakened as far as 38.01 versus the basket according to Reuters data, down 1.4 percent on the day.

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