Currency speculators push dollar rate down

As of 11:30 Moscow time, the weighted average dollar exchange rate with tomorrow settlements totaled RUR30.47, driving the official dollar rate for October 3 down by RUR0.10. Yesterday, the dollar sagged RUR0.04.

Commercial bank experts link this sizeable strengthening of the ruble against the dollar to speculative deals on the Russian currency market. According to them, banks are now getting rid of dollars. This morning the low on the dollar was RUR30.44, i.e. RUR0.13 lower than the official dollar rate.

Analysts believe another reason for the dollar's decline is the lack of support from the Russian Central Bank that is still abstaining from currency interventions.

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Author`s name Editorial Team