Dollar still traded below official rate

This afternoon, dollars are still traded against rubles at a lower rate compared to the official rate. After noon, mostly spot deals (for November 12th ) were reached on the currency market. The weighted average dollar exchange rate is now USD/RUR 29.80, which is 0.01 rubles below the official rate set for November 11.

The main reasons for the US currency to keep weakening against the ruble is because commercial banks are actively selling dollars now and the Central Bank does not do anything to stop the ruble from getting even stronger. As of 3:00 p.m. Moscow time, $100m was sold by banks in spot deals. As far as the Central Bank of Russia is concerned, it seems to have done nothing to support the dollar today.

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Author`s name Editorial Team