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. Last Updated: 07/27/2016

Central Bank Says Ruble Won't Fall

Moving to calm jittery foreign exchange markets, Russia's Central Bank said Wednesday it has no plans to drastically devalue the Russian ruble, though it might allow the currency to slip a little faster against the dollar in the coming months.

The bank has been guiding the ruble lower against the dollar at a pace close to the rate of Russian inflation. Central Bank chairman Sergei Dubinin said the bank would continue that policy, Interfax reported.

Irina Yasina, a spokeswoman for the Central Bank, said the bank would continue to defend the currency within the trading band that it announced late last year. But she said the bank may allow the ruble to slide a bit faster than usual against the dollar in the near future.

Dubinin had noted in an interview with the Financial Times published Wednesday that the currency has often been falling at a slower pace than the inflation rate, and strengthening in real terms. (AP, AFP)