Central Bank buys dollars aggressively

After the opening of the morning US dollar trade session on June 28 the weighted average dollar exchange rate amounted to RUR31.44. The deals with maximum volumes were struck at an exchange rate RUR0.01 higher than this figure. At least at the beginning of the special dollar trade session the decline in the dollar exchange rate that was posted on two previous days stopped. According to specialists of commercial banks, it was due to the active dollar buying at the unified dollar trading session by the Russian Central Bank. According to dealers of commercial banks, amid substantial lack of ruble liquidity that the operators experienced, when the one-day ruble credit rates were around 40 percent yesterday in the evening, only the Russian Central Bank could buy dollars on a large scale. The broad-based ruble intervention of the Russian Central Bank at the morning dollar trade session on Friday was reflected in the high trade volume, too, according to experts. They point to the fact that ten minutes after the opening of the unified trading session the trade volume exceeded $50 million.

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