The Russian ruble declined against the U.S. dollar in the European session on Thursday, as Russia's central bank reduced its key rate by 300 basis points as challenging external conditions hurt economic activity.

The Board of Directors of Bank of Russia decided to cut the benchmark rate to 11 percent from 14 percent.

The central bank said that it would take into account actual and expected inflation dynamics relative to the target and economic transformation processes, as well as risks posed by domestic and external conditions and the reaction of financial markets, and holds open the prospect of a key rate reduction at its upcoming meetings.

The Russian ruble dropped to a 6-day low of 61.00 against the greenback from Wednesday's close of 59.59. The next likely support for the currency is seen around the 66.00 level.

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