MOSCOW, October 24. /TASS/. The dollar and euro exchange rates against the ruble fell by more than 1% on the Russian interbank market following the Central Bank’s decision to cut the key rate to 16.5% per annum, according to trading data.

As of 1:30 p.m. Moscow time (10:30 a.m. GMT) the dollar exchange rate was down by 0.31% at 80.99 rubles, while the euro was down by 0.34% at 94.08 rubles.

By 2:25 p.m. Moscow time (11:25 a.m. GMT) the dollar exchange rate had extended losses to 1.05% as it traded at 80.39 rubles, while the euro exchange rate was down by 1.09% at 93.371 rubles.