Dollar steps back at UTS

The weighted average dollar exchange rate on tomorrow deals amounted to 28.92 RUR/USD in the first 45 minutes of a special session this morning. This was RUR0.04 lower than the official dollar exchange rate set by the Russian Central Bank for May 5. The low on the deals was 28.88 RUR/USD. Thus, US currency has weakened against the ruble.

Commercial bank dealers attribute the ruble's strengthening against the dollar to the euro's advance against US currency on international exchanges. The euro costs $1.212 currently while on April 30 it was $1.197.

The remained ruble deficit at commercial banks has also contributed to the dollar's retreat on the domestic currency market. One-day ruble credit rates are about 7 to 10 percent currently, experts noted.

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