Considerable dollar growth unlikely after holidays

As dealers pointed out in an interview with RBC, the market is not moving anywhere today; a few traders are operating. Apparently, a number of banks are to have vacations until January 8 or even January 13. "On December 30 and 31, swap deals were made at RUR12 to RUR13. Due to this, the rate reached 31.95 RUR/USD. However, on the first business day after the New Year, rates dropped to 31.88 RUR/USD. This is a considerable decline. The rate is at this level so far," specialists stressed. "We are not expecting a significant advance after the holidays. The growth is likely to be very gradual and will alternate with drops when considerable sales of clients' currency will be executed. Of course, the ruble will get weaker in the future, but this process will be slow. At the same time, the Central Bank is likely to attempt to tie the ruble rate to the dollar rate taking into account the USD/EUR relation on the world market," specialists believe.

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