Central Bank succeeds in preventing dollar rate from rising

At the opening of today's morning dollar trade session the weighted averagedollar exchange rate rose up to RUR31.62, but at the end of the tradingsession it dropped to RUR31.61 thus repeating the scenarios of the threeprevious unified dollar trade sessions. According to commercial banks'specialists, it is due to the fact that the Russian Central Bank solddollars. The dollar exchange rate started to increase at a special tradesession exactly at the moments the Central Bank stopped its foreigncurrency interventions, and slumped during the periods the Central Banksold dollars, specialists pointed out.According to experts, the Central Bank had sold dollars at the morningdollar trade session from 10:45 until 10:55, and from 11:10 until 11:30,Moscow time. As a result, the Central Bank succeeded again in fixing theweighted average dollar exchange rate at its selling level, i.e. RUR31.61,experts stressed. The Central Bank had to sell not more than $15m for thatpurpose. Since the trade volume of the unified dollar trade session wasnearly $77m, the Central Bank thus accounts for less than one fifth of alloperations..

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