Source Pravda.Ru

Dollar rate posts tangible growth amid high activity of traders

During the first half of the morning dollar trade session on September 3the weighted average dollar exchange rate was RUR31.61, an increase ofRUR0.04 as compared to the previous figure. Additionally, even the low ondollar rate quotes was higher than the official dollar exchange rate set bythe Russian Central Bank. The dealers of commercial banks point to the factthat the dollar rate growth is facilitated by favorable ruble liquidity.The level of one-day ruble credit rates, which are below 5 percent, isevidence of the fact that commercial banks are currently having no problemswith ruble resources. Owing to the large volume of ruble resources on themarket, banks stepped up their activity aimed at buying foreign currency.Ten minutes after today's opening of the Unified Trading Session (UTS), thetrade volume reached $50m. .