Ruble strengthening continues

The ruble keeps rising against the dollar on the Russian currency market today. The weighted average dollar rate with today settlements amounted to RUR30.34, down RUR0.04 against the official rate for June 20, 2003. Meanwhile, 15 minutes after the opening the volume of trade had already reached $70m at the UTS. This large volume of trade was mostly due to active sales of dollars by exporters today.

Commercial bank dealers point to the fact that the upsurge in dollar sales began at the end of yesterday's special session with tomorrow settlements. According to experts, dollar sellers decided to take a risk and sell off their dollars, hoping that the Central Bank would abstain from supporting the dollar rate today, and that proved to be the case indeed.

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Author`s name Editorial Team