Euro and ruble continue seesaw game on Russian market

The weighted average euro rate reached RUR34.5 by the end of today's special euro trading session on the Russian currency market, which was RUR0.21 higher than the official euro rate set by the Russian Central Bank for August 12, 2003. Experts from domestic commercial banks linked this weakening in the ruble exchange rate to euro's growth on international exchanges, in the first place, against the dollar and the pound. This rising tendency, in turn, is caused by increased dollar sales on global markets prior to a meeting of the US Federal Reserve to be held later today, the currency analysts reported. They expect that the Federal Reserve will almost certainly keep short-term interest rates steady at 1 percent.

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