Source Pravda.Ru

Dollar rate continues upsurge on Russian market

The weighted average dollar exchange rate hit RUR 31.58 at the beginning ofthis morning's trading session on the Russian currency market. This meansthe dollar went up another RUR 0.02 versus the previous closing, tradersreported in an interview with RBC. They stressed that even the low ondollars was at RUR 31.58. The US national currency is surging on theRussian market for the third day in a row, starting on August 14. Expertslinked this rising tendency to extremely low ruble credit rates, whichallowed for active purchases of hard currency. Currency analysts mentionedthat one-day ruble credit rates had been even lower - at 1 percent -yesterday, when banks were reserving funds for purchasing dollars today. Asa result, the trade volume surpassed $35m fifteen minutes after the openingof the unified trading session. This was half of the trade volumeregistered by the end of the unified trading session yesterday..