Dollar sets back again

The weighted average dollar exchange rate with tomorrow settlements amounted to RUR29.25 in early trade today, down RUR0.02 against the official dollar rate set for December 23. As reported earlier, yesterday the dollar gained RUR0.02.

Commercial bank dealers attribute the turnabout on the Russian exchange market to a rise in supply of dollars from commercial banks that dates back to yesterday's afternoon. Today after the first half hour of trade, the trading volume totaled $50m.

Experts caution that growth in dollar sales may lead to a new sag in the dollar rate. According to analysts, further developments will be mainly dependent on the Central Bank's activities. Trading will go smoothly today as well as until the end of the week. The dollar is very likely to fall after New Year's Day, given that dollar supply from exporters is by far exceeding demand on the domestic market, experts conclude.

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