The Russian currency also strengthened its position against the dollar, climbing back to pre-conflict levels The Russian ruble rose to its strongest position since March 2020 against the European single currency, paring some gains after the Bank of Russia cut interest rates. On Friday, the ruble hit over 74 to the euro, and headed towards 70 to the dollar in Moscow trade.Earlier in the day, the Russian central bank cut its key interest rate to 14% in the latest attempt to boost lending in the sanction-hit economy. Part of the divergence with the euro may be attributed to a decline in the single currency which has
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