Source Pravda.Ru

Dollar rate surging amid low overnight credit rate

The average-weighted dollar exchange rate was 31.62 RUR/USD at thebeginning of this morning's session on US currency, which was RUR0.01higher than the previous rate. The low of these deals also amounted to thesame level.Experts of commercial banks attribute this growth in the dollar exchangerate at the UTS to a favorable situation with ruble liquidity and a lack ofruble deficit on the market. Evidence of the fact that commercial bankshave a large volume of free ruble resources is low ruble credit rates. OnFriday afternoon the one-day ruble credit rate did not exceed two percent.This morning, the overnight credit rate was also quite low, from four tosix percent. As a result, some 15 minutes after the morning trade started,the high of the deals was 31.63 RUR/USD and the trade volume amounted tosome $60m..