Source Pravda.Ru

Ruble deficit results in fall of dollar rate on Russian market

The weighted average dollar exchange rate was at RUR 31.53 at the beginningof this morning's trading session on the Russian currency market. Thismeans that the dollar rate went down another RUR 0.03 as compared to theprevious closing. Traders noted in an interview with RBC that even the highon dollars was below the official exchange rate set by the Central Bank fortoday.The ongoing strengthening of the Russian national currency against thedollar rate continues for the second day in a row and banking specialistslinked it to a deficit of ruble resources due to problems with rubleliquidity at domestic banks. Rather high ruble credit rates testify tothese problems. They amounted to 9-12 percent this morning as compared to 8percent yesterday..