Central Bank renders no support to ruble

The weighted average dollar exchange rate on tomorrow deals has been 30.58 RUR/USD at a special session this afternoon, which is RUR0.03 higher than the official dollar rate set by the Russian Central Bank for September 3. The high on these deals has exceeded 30.60 RUR/USD.

Commercial bank dealers believe that the main reason for the increase in the dollar rate is that the Central Bank has not hindered the ruble's weakening. Some experts even say that they do not rule out the possibility that the Central Bank has bought dollars today to increase its gold and currency reserves after they dropped considerably last week.

Analysts point to the fact that some $10m were bought only in 2 or 3 lots in a very short period of time at about 12:00 Moscow time.

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