Ruble's decline stops

The weighted-average exchange rate was RUR29.95 per dollar at the beginning of today's special trading session for US currency. This figure is RUR0.13 lower than the official dollar rate for October 28. Therefore, a significant rise in the US dollar rate against the ruble, which took place yesterday, ended in just one day.

Commercial bank dealers remarked that the hike in the dollar rate on October 27 was just a short-term reaction of the currency market to the events around YUKOS and the arrest of YUKOS head Mikhail Khodorkovsky. The Central Bank, which prevented any further decline in the ruble rate by means of a large-scale intervention on the market, has also played its role in ending the ruble's weakening.

Additionally, a serious deficit of rubles at banks, aggravated by a decrease in the amount of rubles at correspondent accounts, has also facilitated the dollar's decline today. The present interest rates for overnight credits in rubles are 11-14 percent, banking experts told RBC. As a result, the dollar rate has returned to the level registered a week ago.

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