30 Jan 2015
USD/RUB in fresh highs beyond 70.00
FXStreet (Edinburgh) - The Russian ruble keeps depreciating vs. the US dollar in response to the rate cut by the CBR, with USD/RUB trading above the 70.00 barrier.
USD/RUB boosted by CBR
The ruble dropped to levels last seen in mid-December near 72.00 after the CBR unexpectedly lowered the benchmark rate to 15% from 17%. The central bank argued that the rate hike in late December was oriented to allay fears of devaluation and stabilize the domestic inflation, which the bank now sees gathering pace in the upcoming months although declining below the 10% in a 12-month horizon. The bank also said that the economy could contract 3.2% in the first half of 2015.
USD/RUB is now up 2.50% at 70.47
USD/RUB boosted by CBR
The ruble dropped to levels last seen in mid-December near 72.00 after the CBR unexpectedly lowered the benchmark rate to 15% from 17%. The central bank argued that the rate hike in late December was oriented to allay fears of devaluation and stabilize the domestic inflation, which the bank now sees gathering pace in the upcoming months although declining below the 10% in a 12-month horizon. The bank also said that the economy could contract 3.2% in the first half of 2015.
USD/RUB is now up 2.50% at 70.47