Dollar rate rises amid decrease in ruble borrowing rates

Some shortage of rubles, which was quite noticeable before December 31 of last year, has finally disappeared in the afternoon on January 4. A further decrease in ruble borrowing rates confirms this fact. Banking experts told RBC that overnight borrowing rates for rubles were about 1% now, whereas in the morning the corresponding figure was 3-4%.

The absence of any deficit of rubles at commercial banks has led to a rise in the trade volume and the dollar rate on the interbank market. The trade volume for deals to be completed on January 8 reached almost $20m as of 2:30 p.m., and deals of the maximum volume were made at a level just RUR0.07 lower than the level of RUR32 per dollar.