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Dollar and euro rocket against ruble
MOSCOW - Early at Monday’s US dollar special session with tomorrow settlements, the weighted average exchange rate reached 29.45 RUR/USD. This is RUR0.20 higher than the official dollar rate set for December 29. This is a sharp advance of the US dollar against the Russian ruble. It is worth mentioning that a significant weakening of the ruble was registered late on the previous business day on December 26 when the high on deals at the special session reached 29.37 RUR/USD. On Monday, dollar deals have overcome this level considerably. According to commercial bank dealers, the great dollar rate growth is attributed to a statement of Russian Prime Minister Mikhail Kasyanov. The head of the Cabinet expressed regret regarding a excessive strengthening of the ruble over this year. According to Mr. Kasyanov, the government and the Russian Central Bank can be reproached for “missed opportunities” in this respect. The premier hinted that the government had concerns about the pace of the dollar’s fall and was not going to allow the situation to develop further in this direction. This is the statement of the top official that marketers considered as a signal for revising their actions during currency trade, specialists believe. In their opinion, currently banks have reduced dollar sales to a minimal level and increased dollar purchases. Due to this, this excessive dollar supply that is nearly the first this year triggered acute ruble weakening, experts stress. Also, this Monday morning the dollar strengthened against the British pound, the Swiss franc, and the Canadian dollar. For example, the British pound/US dollar index was 1.7747 (-0.0011) points. At the same time, the dollar rate declined against the euro, the Japanese yen, and the Australian dollar. For example, as of 10:45 a.m. Moscow time, the euro/dollar index was 1.2448 (+0.0024) points. On the FOREX market, the March futures for the US dollar are $0.8803 on Monday, which is 0.10 points higher than before Christmas. As for the euro, at Monday’s special session the weighted average exchange rate amounted to 36.78 RUR/EUR, which was RUR0.31 over the official euro rate set for December 29. The high on euro deals was RUR36.80. Thus, at Monday’s UTS the national currency weakened considerably against the European. As a result of this rise, the euro touched its historic high. The trade volume that overcame EUR12 million testifies to intensification of activities of commercial banks for purchasing European currency. This figure is almost twice as high as the average euro trading volume at a special session. The ruble losing its position against the euro is linked to the drop in the dollar rate against European currency on international exchanges. As of now, EUR1 costs $1.2450. This means that the ratio between the euro and the US dollar on the world market is close to EUR1:$1.25.
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