9 Dec 2009 14:53

Ruble surges against dollar, euro; currency basket drops 65 kopecks

MOSCOW. Dec 9 (Interfax) - After several days of losses, the Russian ruble had posted sharp gains against both dollar and euro by midday (1:40 p.m. Moscow time) on Wednesday. The dollar was down 24 kopecks from Tuesday's close of trading at 30.31 rubles/$1 on the MICEX and 66 kopecks lower than its opening high on Wednesday.

The euro was also down at 44.80 rubles/EUR1 - 30 kopecks lower than Tuesday close and 68 kopecks down from its opening high.

Thereby, the dual-currency basket, having climbed to 37.47-37.48 rubles at the start of Wednesday trading, had dropped almost 65 kopecks to 36.83 rubles - 27 kopecks below Tuesday close.

Forex growth peaked at 10:13 a.m. Moscow time, after which it began to slide.

Interfax analysts note greatly increased dollar/euro volatility on the Russian forex market, attributing it to wide dollar/euro fluctuation on the world Forex market, and to sharply increased speculation on the forex exchange. After the dollar/euro pair rose from its low of 35 rubles but world goods and equities markets weakened, buyers began actively taking 'long' positions in the two currencies, as the upper fluctuation limit - that would prompt the Central Bank of Russia to step in - is 38 rubles.