Dollar strengthens against ruble

28.08.2003 03:34

The weighted average dollar exchange rate on tomorrow deals amounted to 30.47 RUR/USD at the beginning of a special session today. It was RUR0.08 higher than the official dollar exchange rate set by the Russian Central Bank for August 28. The ruble has weakened noticeably against the dollar for the third day in a row. On August 26 and 27 the dollar gained RUR0.09.

Commercial bank dealers attribute this situation to the nonparticipation of the Central Bank in trade. The Bank does not hinder the dollar's strengthening, they say. According to analysts, the Central Bank has not made bids for selling dollars.

Meanwhile, the dollar surged today amid unfavorable ruble liquidity at commercial banks. One-day ruble credit rates are about 10 percent currently, which is pretty high, some experts told RBC.

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Author`s name Editorial Team

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