Dollar Rate Declines Due To Lack Of Rubles

Today's decline in the weight-average dollar rate at the Unified Trading Session (ETS) at MICEX by 4 kopecks compared to the previous level is due to a lack of rubles at banks. Banking experts expressed this opinion in an interview with RBC. They emphasized that on the first business day of this week the interest rates for one-day credits in rubles have been at a high level of 15-20%. As a result, commercial banks were selling foreign currency during the morning trade at the exchange, and there were no 'active' buyers for dollars, the experts pointed out, They did not rule out a large volume of compulsory foreign currency sales at the ETS. According to the experts, any participation of the central bank has not been reported during today's trading session. Commenting on possible results of the trade for USD at the exchange on April 24, the experts pointed out that the weight-average dollar rate at the ETS will remain at the level of 28.84 rubles per dollar or will go up.

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