2016.09.1607:23:00UTC+00Russian Ruble Weakens Against U.S. Dollar After Russia Rate Cut

The Russian Ruble erased its early gains against the U.S. dollar and slipped in European deals on Friday, after Russia's central bank lowered its key interest rate by 50 basis points to underpin growth amid slowing inflation.

The Board of Directors decided to reduce the benchmark rate to 10.00 percent from 10.50 percent. The bank last lowered the rate by 50 basis points in June.

The Russian Ruble fell to 65.09 against the greenback, off its early 4-day high of 64.05. The Russian Ruble may find support around the 66.00 mark.