Further ruble deficit may cause plummet in dollar rate

Trading sessions on the Russian currency market over the past several days testified that the dollar exchange rate continued falling. At the same time, unexpected sales of hard currency were registered on the market today. Specialists linked these sales to problems with ruble liquidity on the interbank market, where one-day ruble credit rates hit 32-35 percent. Another factor that caused sales of dollars was significant amounts of export currency revenues and the lack of Central Bank's interventions.

Currency analysts forecasted that the further situation on Russian exchanges would depend on ruble liquidity on the interbank market. They believe the Central Bank is not interested in sharp changes in the current tendencies, but the dollar rate can plummet to RUR 31.42-31.44 in the very near future in the event a ruble deficit continues. Otherwise, if the situation with ruble liquidity improves and the Central Bank starts supporting the market, the dollar rate may stabilize within RUR 31.46-31.50 or even return to RUR 31.50-31.56.

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