Dollar sees another drop on Russian market

The weighted average dollar rate in deals with today settlements was RUR 31.13 in the first half of this morning's trading session, which was RUR 0.06 lower than the previous figure. Currency analysts noted that the previous time such a significant reduction in the dollar rate had been registered on April 1, which was almost three weeks ago. They reported that the low on dollars was RUR 31.10. Experts linked a noticeable reduction in the dollar rate at this morning's trading session to a sharp increase in sales of dollars against purchases, which was mostly due to large sales of export currency revenues. A large trade volume, which reached more than $100m as of 10:30 a.m. testified to active sales of dollars. Another cause for a fall in the dollar rate was a reduction in the dollar support level by the Central Bank. In other words, the Central Bank was purchasing dollars at a lower exchange rate than on April 18.

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