Dollar Rate Drops At Unified Trade In Russia Today

The morning trade on the Russian currency market opened with a fall in the dollar exchange rate. The average-weighted dollar rate was 29.92 rubles. In view of this, experts forecasted that the dollar exchange rate will drop at the special session today. They linked this fall to a deficit in ruble assets of Russian banks that was reflected in high ruble credit rates. These rates reached about 7 or 9 per cent for large banks and from 10 to 12 per cent for medium-sized and small banks. This is almost twice as much as compared to credit rates at the end of the previous day. This insignificant ruble liquidity was most likely caused by a reduction in the balance at correspondent accounts, analysts concluded.