Dollar keeps dwindling

The weighted average dollar rate with tomorrow settlements amounted to RUR30.46 as of 11:30 (Moscow time). This rate equals to the official rate for June 10. Today, the ruble grew by another RUR0.11 against the dollar and RUR0.3 over the past three weekdays, i.e. almost 1 percent. Meanwhile, these developments came quite unexpected, as over the first one and a half hour of trade the dollar sellers were quite inactive. As of 11:30 the volume of trade with tomorrow settlements was lower than $52m.

Commercial bank dealers point to the fact that there is a deficit of dollars on the Russian market just as it was the case in late May. Although today the one-day dollar credit rates have been only about 4 to 5 percent compared to 8 percent in late May, experts believe this is significant, taking into account the virtually zero one-day ruble credit rates. That is why, according to analysts, the reason for today's noticeable ruble strengthening against the dollar has nothing to do with the excessive dollar liquidity of commercial banks.

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Author`s name Editorial Team