Growth of ruble credit rates triggers dollar rate decline

In the first half of this morning's US dollar session, the weighted average exchange rate amounted to 31.77 RUR/USD, thus easing back by RUR0.02 as compared to the previous level. Commercial bank dealers link the decrease in the dollar rate at the UTS to a certain deficit of ruble resources on the market and a deterioration of the situation with ruble liquidity.

As commercial bank specialists reported to RBC, this morning one-day ruble credit rates reached 15 percent, which was actually equal to 60 percent, the three upcoming days-off taken into account. Meanwhile, as recently as yesterday night, one-day ruble credit rates did not exceed 8 percent. The credit rates have thus almost doubled over a very short term.