Dollar rate in standstill amid substantial ruble resources

Today in the afternoon even the high on tomorrow dollar exchange ratequotes did not exceed RUR31.65 per dollar on the interbank foreign currencymarket, so the current dollar exchange rate is only RUR0.02 higher than theofficial dollar rate set by the Russian Central Bank for September 11,2002. In the meantime, the level of ruble credit rates remains low despitea decrease in balances of correspondent accounts of Russian commercialbanks. According to specialists, the current one-day ruble credit rates are3-5 percent. Apart from low prices of transactions on the interbank foreigncurrency market, very small trade volume was posted on the market, whichwas $10m at 14:30, Moscow time. According to commercial banks' dealers, itis due to a noticeable decrease in potential buyers' interest to purchasingdollars after large-scale purchases registered in the past few days. Undersuch conditions, the Central Bank does not interfere into the dollar tradesession on the interbank market to support the ruble, experts pointed out..