Dollar rate falls to three-month low

The weighted-average exchange rate decreased by RUR0.02 to RUR31.82 per dollar during the morning trading session at the currency exchange today. The same rate was registered on November 12, 2002, which was almost three months ago.

Bank dealers reckon that the reason for today's fall in the dollar rate was the Central Bank's refusal to support the dollar at the level of RUR31.83 per dollar. Therefore, the Central Bank of Russia made it clear that it did not object to the strengthening of Russia's national currency, the experts underlined. At the same time they remarked that strong resistance to any further decline in the dollar rate was noticeable at the level of RUR31.82 per dollar. In the opinion of the experts, the Central Bank chose to give some support for the US dollar at that level. In fact, the Central Bank has just lowered its support level for the dollar today, the dealers concluded.

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