Ruble Gains vs. Dollar Despite Interest Rate Cut from Bank of Russia

The Russian ruble gained today versus the US dollar even after Russia’s central bank cut its key rate.
The Bank of Russia announced today that it is cutting its main interest rate by 25 basis points to 7.5%. Furthermore, the central bank signaled that additional cuts are possible:

If the situation develops in line with the baseline forecast, the Bank of Russia admits the possibility of further key rate reduction at one of the upcoming Board of Directors’ meetings and a transition to neutral monetary policy until mid-2020.

That was the first cut since March 2018.
USD/RUB declined 0.28% to $64.3825 as of 17:35 GMT today.

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