Dollar rate steps back at UTS

The weighted average dollar exchange rate on tomorrow deals amounted to 29.21 RUR/USD at the beginning of today's special session. This figure is RUR0.01 lower than the official dollar exchange rate set by the Central Bank for October 4. As such, the dollar has decreased slightly against the ruble this morning.

The ruble's strengthening is connected with a massive supply of dollars on the market. The trade volume amounted to $280m after the first half an hour of trade at the URS. As a result, the low on deals dropped to 29.15 RUR/USD.

According to dealers, the reason for the massive selling of dollars by market participants is large export revenues due to very high oil prices and a new benchmark for the dollar rate set by the Central Bank for this year. As reported earlier, Deputy Chairman of the Central Bank Alexey Ulyukayev said that by December 31, 2004 the ruble would weaken to 29.50 RUR/USD.

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