Source Pravda.Ru

Traders Link Rise In Dollar Rate To Absence Of Central Bank's Currency Interventions

The absence of currency interventions of the Central Bank provided for a rise of the Russian currency market to a new level today, experts noted in an interview with RBC, commenting on a rise in the average-weighted dollar rate at this morning's trading. They linked a rise of more than 0.05 rubles, which did not take place for more than two months and a half, to a sharp fall in one-day ruble credit rats on the interbank market. Specialists believe that a rise in ruble liquidity of Russian commercial banks took place yesterday due to direct sales of hard currency to the Central Bank and this, in turn, eliminated the ruble deficit. Commenting on the further development of the situation in the Russian currency market, analysts forecasted that the average-weighted dollar exchange rate would either stay on the same level or go up about 0.01 or 0.02 rubles to a level of 29.55 or 29.56 rubles.