Rise in ruble reserves pushes dollar rate up

The weighted average dollar rate with tomorrow settlements amounted to RUR30.26 pushing the official dollar rate for July 31 up RUR0.01. Dealers link this rise in the dollar to a noticeable increase in balances of correspondent accounts at Russian commercial banks that contributed to the removal of the ruble deficit. At the beginning of today's trading session, the balances grew by more than RUR25bn (nearly $826.58m) throughout the country and by RUR19bn ($628.2m) at the banks in the Moscow region.

A considerable improvement of ruble liquidity has caused a sag in the activity of dollar sellers. The volume of the UTS trade with tomorrow settlements was minimal, only $15m after 1.5 hours of trade.

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