Dollar rate rises despite some deficit of rubles

The weighted-average exchange rate reached RUR31.63 per dollar at thebeginning of the morning trading session for the US currency on Wednesday,September 18. Therefore, it had risen by RUR0.01 compared to the previouslevel. At the same time the situation on the ruble market on Tuesdayafternoon was not at all favorable for an increase in the dollar rate,since commercial banks were facing serious problems with ruble liquidity.Interest rates for overnight credits in rubles reached 20% as of the end ofoperations yesterday. In this situation the dollar rate on the interbankmarket decreased to RUR32.62 per dollar, which is the official exchangerate for today. On Wednesday morning the situation with ruble resources atbanks has somewhat improved. Banking experts told RBC that the presentinterest rates for overnight credits in rubles were 10-15%. As a result,the trade volume exceeded $50m just 15 minutes after the opening of thetrade..