Dollar retreats at UTS - 4 February, 2003

The average-weighted dollar exchange rate amounted to 31.84 RUR/USD at this morning's session on US currency, which was RUR0.01 lower than the previous figure. Dealers of commercial banks link this strengthening of the ruble, which has occurred for the first time since the middle of January, to a considerable supply of foreign currency at the UTS, first of all due to the selling of export currency revenues. Evidence of the high activity of sellers of US currency at today's special session is a noticeable advance in the trade volume. Compared to the volume on February 3, today's amount exceeded $154m, which was almost $83m more than yesterday. The Central Bank, which made a ruble intervention at the UTS, seemed to have contributed to this volume. Due to purchases of dollars by the Russian Central Bank, the national currency has strengthened rather inconsiderably.

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