The Russian Ruble continued its early decline against the U.S. dollar on Friday's European deals, after the Russia's central bank cut its key rate in a bid to underpin economic activity that remains hurt by falling oil prices and economic sanctions.

The Bank of Russia Board of Directors decided to reduce the key rate to 15.00 percent from 17.00 percent. Economists had expected the bank to retain the policy rate.

"The decision taken is aimed at averting the sizeable decline in economic activity against the background of negative external factors," the bank said.

The ruble declined to a 1-1/2-month low of 71.72 against the greenback, compared to Thursday's closing value of 68.44. The next possible downside target for the ruble is seen around the 72.5 zone.

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