15 Sep 2009 11:23

Dollar, euro surge against ruble

MOSCOW. Sept 15 (Interfax) - The dollar has started to strengthen against the ruble after losing ground early on.

The dollar had surged 18 kopecks to 31.05 rubles/$1 by 10:45 a.m. The euro rallied 46 kopecks to 45.40 rubles after a muted start to the day. The bi-currency basket ($0.55 and EUR 0.45) was up 31 kopecks from yesterday's close to 37.51 rubles.

The Interfax Center for Economic Analysis said the ruble was slipping because oil prices had been under pressure since Friday due to concerns about demand. In addition, the ruble itself is feeling the after-effects of yesterday's announcement by the Central Bank that further rate cuts are in prospect: the CB has cut its refinancing rate and other key rates to 10.5% effective today.