Volume of deals on currency market exceeds $500m

The activity of participants of today's trade on the interbank currencymarket increased considerably after 12:00. The volume of the today deals onUS currency amounted to $180m at 13:15, the deals on two-day settlementsadvanced to $335m. So the total volume of the trade on the afternoonsession has exceeded $500m, long before the trade is over.Experts of commercial banks attribute this volume to the improved situationwith ruble liquidity and the elimination of ruble deficit, which the marketexperienced in the morning. Evidence of the lack of ruble deficit on themarket is the decrease in ruble credit rate from 10-12 percent in themorning to 3-5 percent currently. Due to cheap ruble credits, banks startedactively buying US currency.Another reason for this high volume of deals is the activity of the CentralBank, who has carried out a large currency intervention, the expertsbelieve. First of all, the Central Bank is selling dollars at the afternoontrade with two-day settlements, where the dollar rate has already exceededthe 31.60 RUR/USD level, the analysts stressed in an interview withRosBusinessConsulting. .