The dollar and euro strengthened their advance against the ruble, hitting highs not seen since December on the Moscow Exchange, as the dollar reached 70 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.