Demand for dollars rises as situation with ruble liquidity improves

The weighted-average exchange rate reached RUR31.54 per dollar at thebeginning of the morning trading session on the currency market on August14, the third business day of the week. Therefore, the exchange rate roseby RUR0.01 compared to the previous level, and the deals of the maximumvolume were made at RUR31.55 per dollar. Dealers link the weakening of the Russian national currency against the USdollar at the Unified Trading Session to a substantial improvement of thesituation with ruble liquidity. The elimination of the deficit of rubles onthe market took place last afternoon, when the interest rates for overnightcredits in rubles fell to 5%. The overnight credit rates have been a littlehigher this morning, reaching 6-7%. This has led to a significantintensification of dollar buys by banks. As a result, the trade volumeexceeded $50m just 20 minutes after the opening of the special tradingsession on Wednesday. As it was reported earlier, the total trade volumeamounted to less than $57m at the Unified Trading Session on Tuesday. .