Expert comment on currency market

The dollar exchange rate is likely to be fluctuating between the currentlevels of 31.55 RUR/USD and 31.60 RUR/USD, due to the present situation onthe currency market. During today's trade it was vivid that participantswere not longing for buying US currency. As soon as a demand increased andthe dollar rate surged, the Central Bank made a currency intervention andthe rate eased back, an expert of a commercial bank said in an interviewwith RBC commenting today's trade on US currency. At the same time thecurrent volume of ruble resources and low ruble credit rates should promotethe activity of currency buyers, if the Central Bank allows for theincrease in the rate to RUR31.65. In the near future everything will dependon ruble credit rates and the Central Bank, who is controlling the market.In other words, commercial banks are unlikely to create long-term currencypositions actively, until the situation with ruble resources improves, theexpert concluded. .

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