Ruble weakens further

The dollar continued to rise against ruble on the Russian currency market in early trading. In the first minutes of trade with tomorrow settlements the weighted average dollar rate amounted to RUR30.76, and RUR30.77 with today settlements. The rates are exceeding the dollar's official rate for June 4 by RUR0.02 to RUR0.03.

The dollar continued to advance after yesterday's RUR0.1 strong rise. This tendency fell short of analysts' expectations and seems to contradict repeatedly announced Central Bank's and Finance Ministry's intentions to keep dollar-ruble fluctuations low.

Commercial bank traders believe today's weakening of the ruble comes back to yesterday's trade with tomorrow settlements made at RUR0.02 higher than the official rate. That day, the Central Bank did not hamper the weakening of the ruble, but sought to avoid a substantial growth in the dollar rate.

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