Russia Faces Risk of More in Rate Cuts, Ruble Decline, ING Says

By Stephen Kirkland

July 14 (Bloomberg) -- Russia’s ruble may weaken further as the central bank tries to revive credit expansion by lowering key interest rates, according to ING Groep NV.

“Seeing the risk of a further 200-400 basis points rate cut, we do not rule out the ruble dropping to 41” versus the basket, the upper boundary of its current trading range, ING wrote in an e-mailed report today.