The Russian Ruble dropped against the U.S. dollar in the European session on Friday, trimming early gains, after the Russian central bank cut the benchmark rate by half a percentage point, citing the risk of inflation overshooting the 4 percent target over the medium term, and signaled that further reductions are possible over the next two quarters.

The Board of Directors decided to cut the key rate by 50 basis points to 8.50 percent, the Bank of Russia said in a statement. The reduction was in line with economists' expectations.

"In order to maintain inflation close to the 4 percent, the Bank of Russia will continue to conduct moderately tight monetary policy," the bank said.

The ruble dropped to 57.66 against the greenback, off its early 3-day high of 57.27. On the downside, 59.00 is possibly seen the next support level for the ruble.

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