Traders Link Drop In Dollar Rate To Obligatory Payments Made By Banks

Today's drop in the dollar exchange rate on the Russian currency market was not unexpected due to payments to be made by commercial banks to obligatory reserve funds, traders noted in an interview with RBC. They stated that these payments caused some problems with ruble liquidity. Specialists also reported that the balance at correspondent accounts dropped significantly today. It fell more than 6bn rubles (about $201m) in the Moscow region, in particular, and more than 7bn rubles (about $234m) in Russia, in general. This ruble deficit resulted in an upsurge in one-day ruble credit rates. Traders forecasted that the dollar exchange rate will stay at the level of 29.92 ruble tomorrow or rise 0.01 or 0.02 rubles.