Banks selling dollars to improve ruble liquidity

Commercial banks have accelerated the selling of US currency this afternoon. It is testified to by the fact that the amount of dollars sold at a special session from 11:30 to 13:00 Moscow time exceeded the volume of US currency sold in the first 90 minutes of the UTS by seven times. The average lot has grown to $450,000.

Dealers attribute this situation to the fact that banks have to sell their foreign currency assets to improve ruble liquidity. Banks do not count on the elimination of the ruble deficit in the near future due to the end-of-the month factor and payments to the budget on August 25. So, the only possibility to reduce the ruble deficit is to sell dollars.

At the same time, the selling of dollars has led to the ruble's strengthening. The weighted average dollar rate on tomorrow deals is 30.29 RUR/USD currently, which is RUR0.02 lower than the official rate set for August 25.

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Author`s name Editorial Team