Dollar edges up. Euro plummets

The weighted average dollar exchange rate with tomorrow settlements amounted to RUR28.50 in early trade today, up RUR0.01 against the official dollar rate set by the Central Bank for February 19. According to earlier reports, over the past two days the dollar remained unchanged against the ruble.

A slight sag in the ruble today may be due to a considerable decline in the euro against the dollar on foreign exchanges. The euro is now at $1.27, stepping down 1.5 percent from $1.29 as of yesterday. These developments sent the trading volume of the Russian exchange market up to $50m as of 10:30 Moscow time.

The weighted average euro exchange rate totaled RUR36.27 today, down RUR0.46 against the official euro rate set by the Central Bank for February 19. According to earlier reports, on February 17 and 18 the euro gained a total of RUR0.42. Today these gains have been completely erased.

The sharp weakening of the euro on the domestic exchange market is due to a substantial decline in the euro against the dollar on foreign exchanges. The euro now costs $1.2720, down 1.25 percent from $1.2880 as of yesterday.