Dollar continues to rise against ruble

The weighted-average exchange rate reached RUR30.70 per dollar at the beginning of today's special trading session for tomorrow deals on US currency. This figure is RUR0.02 higher than the official US dollar rate for September 8. An increase in the dollar rate has continued for the fourth business day in a row since September 3. The ruble declined by RUR0.15 over that period, taking into account today's rise in the dollar rate.

Commercial bank dealers believe that the increase in the US dollar rate could be faster without the Central Bank's efforts to support the ruble. Experts remarked on the fact that the Central Bank had been selling dollars both today and on the previous business day of September 5. Today, the Central Bank has been selling US currency at the level of RUR30.70 per dollar, preventing the dollar from surpassing this level. Experts pointed out that a continuing deficit of rubles had again failed to affect the willingness of banks to buy dollars. Bank dealers told RBC that the interest rates for overnight credits in rubles had been at 8-12 percent this morning.

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