Dollar keeps moving up

The weighted average dollar exchange rate with tomorrow settlements totaled RUR30.62, up RUR0.12 against the official dollar rate set for September 29. The dollar has been rising against the ruble for a third consecutive day. As reported earlier, on September 25 to 26 the dollar gained RUR0.05.

Currency traders pointed out that the dollar was stepping up amid banks suffering a heavy deficit of rubles. Today, overnight ruble credit rates grew to 25 percent from 15-20 percent as of Friday. The market's participants are set for buying dollars however, probably in hope for considerable growth in the dollar rate and early alleviation of strain on ruble liquidity. Experts believe if the dollar rate adds RUR0.1 or more, banks will be actively purchasing dollars even if ruble credit rates remain high.

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Author`s name Editorial Team