Central Bank lowers euro rate

The Russian Central Bank has set the official euro rate for October 12 at 35.92 RUR/EUR, though even the low on the deals did not drop below 36.13 RUR/EUR at a special session today. Thus, the Central Bank has decreased the euro rate against the ruble amid the euro's gain against the ruble at the UTS. The European currency also advanced against the dollar on international exchanges. The euro costs over $1.24, while on the previous workday it was $1.234.

The Central Bank's decision was likely to have been caused by the ruble's substantial strengthening against the dollar. The national currency added RUR0.09 today. Thus, if the Central Bank had set the official euro rate at 36.13 RUR/EUR, the euro/dollar rate would not have exceeded $1.24 on the domestic currency market, which could have triggered commercial banks to make speculative deals with dollars, rubles and euros.

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