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Fighting in eastern Ukraine weighed on sentiment towards recession-hit Russia, as did another fall in oil prices, sending the rouble down 1 per cent against the dollar to its lowest level since February. The rouble has fallen 44 per cent against the dollar in the past 12 months.
“Russia’s central bank will find it extremely difficult to keep cutting rates at a time when the rouble is trading weaker against the dollar and the euro,” said Piotr Matys, FX strategist at Rabobank.................
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