Dollar keeps retreating on Russian market

The strengthening of the ruble against the dollar has continued, as the weighted average dollar rate with tomorrow settlements amounted to RUR30.46 in early trade today. This figure is RUR0.05 lower than the official dollar rate for June 16. According to earlier reports, on June 11, the dollar rate dwindled RUR0.05 just as it did today. Commercial bank traders link the resumption of the ruble strengthening to a four-day pause in trade on MICEX due to Independence Day in Russia. Analysts point to the fact that exporters have accumulated substantial amounts of revenues in dollars and are willing to sell them today. This fact is also testified to by a high volume of trade reaching $80m during the first thirty minutes of trade at the UTS. Meanwhile, potential dollar buyers are preferring to stick to a wait-and-see position, purchasing only small amounts of dollars, experts stress. As a result, the dollar has sagged twice over two consecutive weekdays on the Russian currency market.

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