The Euro began to fall rapidly after rate cuts by the ECB

The Euro began to fall rapidly after rate cuts by the ECBThe Euro exchange rate against the ruble fell sharply at the auction of the Moscow exchange on reduction of interest rate by the European Central Bank, the correspondent .At 16.45 GMT, the Euro has lost 66 cents and traded at 47,86 rubles/Euro, the dollar remains in positive territory and added 3,3 penny to the previous close, making 36,83 rubles/$. Earlier, the Euro fell to 48.2 rubles/Euro, hitting the lowest level since August 28. The value of the currency basket is 41,79, losing 32 kopecks.The Euro intensified after reports that the European Central Bank (ECB) at the end of the September meeting on Thursday unexpectedly cut its key interest rate on loans from 0.15% to 0.05% per annum. Changes in the base rate expected only 5 of the 55 respondents, Bloomberg. The Deposit rate ECB reduced from minus 0.1% to 0.2%. The interest rate on margin loans is reduced from 0.4% to 0.3%.

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