Russia has surprised traders with a cut to its main interest rate today, the Ruble has slid in trading. The central bank has reduced the rate to 15 percent, a drop of 2 per cent from the rate set recently at 17.
As a result the currency has dropped approximately 3 per cent in today's trading.
This chart shows the USDRUR currency pair and you can see that USD has advanced on the RUR.
Over the weekend will be more news and discussion of the move by the central bank and next week will bring a further reaction.
Oil prices have firmed a bit today helping to support the Ruble.