Dollar sinks again

This morning the weighted average dollar exchange rate with tomorrow settlements amounted to RUR29.82, down RUR0.04 against the official dollar rate set for November 14. Yesterday, the dollar gained RUR0.05.

The sag in the US currency may be due to a sharp decline in activity of dollar buyers. It is possible that currency traders fear a fall in ruble liquidity following a cut in the balance of correspondent accounts at Russian commercial banks. Although overnight ruble credit rates are now hovering at a relatively low level of 2 to 3 percent, a deficit in rubles may occur during the day.