9 Mar 2010 10:21

Dollar down 7 kopecks against ruble

MOSCOW. March 9 (Interfax) - The ruble is strengthening against the dollar and the bi-currency basket as oil prices continue to rise.

The dollar fell 7 kopecks in Tom deals from Friday's closing to 29.77-29.871 rubles/$1 in the first few minutes of trading on the MICEX. This was also 7 kopecks below the official rate.

The euro opened trading on the MICEX at 40.5 rubles/EUR1, unchanged from Friday's closing and roughly level with today's official rate.

The currency basket ($0.55 and EUR 0.45) edged down 3-4 kopecks in value to 34.59-34.6 rubles.

The basket remains at the lower end of the Central Bank's floating corridor. The Interfax Center for Economic Analysis thinks the CB might be intervening in order to limit the ruble's growth as WTI crude trades at more than $81 a barrel.