Central Bank hampers dollar's decline

The average weighted dollar rate on tomorrow deals amounted to 30.25 RUR/USD at a special session today, which was the same as yesterday. Dealers of commercial banks attribute this standstill in the dollar rate to the Central Bank's activities aimed at preventing a further drop in the dollar rate. Specialists point out that the Bank has been buying US currency at 30.2450 RUR/USD, which is practically equal to the official rate set for July 29. Experts believe that the recent fast pace of the ruble's strengthening could make the Central Bank start buying dollars actively. As reported earlier, the dollar rate decreased by RUR0.11 on July 25 and 28.

The background for a further retreat in the dollar has remained today due to the decreased balances of correspondent accounts at Russian commercial banks. Serious problems with ruble liquidity at commercial banks have made them accelerate the selling of US currency. It could have led to another fall in the dollar, if the Central Bank had not made its ruble intervention today, experts say.

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