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The collapse of the Russian ruble continues: the dollar — 71, euro - 81

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The collapse of the Russian ruble continues: the dollar — 71, euro - 81

Dollar, euro continuing to climb as dollar reaches 70 rubles, euro above 81 rubles.

The dollar and euro strengthened their advance against the ruble, hitting highs not seen since December on the Moscow Exchange, as the dollar reached 71 rubles/$1 and the euro soared above 81 rubles/EUR1 following the Central Bank's decision to lower its key rate to 15% per annum.

The Russian Central Bank announced that it was lowering its key rate at one-week repo auctions by 2 percentage points to 15% per annum. Practically all experts had expected the rate to stay at its previous level.

By 1:30 p.m. Moscow time, the dollar had reached 70.45 rubles/$1, 1.72 rubles above its closing level. The euro was trading at 79.77 rubles/EUR1 by that time, up 2.1 rubles.

After falling somewhat two minutes after, the dollar then reached 71 rubles/$1 10 minutes later, while the euro was trading at 80.49 rubles/EUR1.

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