Rouble bolstered by oil prices

May 4th, 2010 | By | Category: Rouble News

The rouble strengthened versus the euro-dollar basket in early morning trading today, cialis 40mg bolstered by strong oil prices.

At 6.23 GMT the rouble had risen by 6 kopecks against the euro-dollar basket to 33.49, viagra only 9 kopecks away from the current presumed Russian central bank floating currency boundary. The central bank monitors the rouble’s shifts within a floating corridor and moves it by 5 kopecks for every $700 million of interventions at each boundary. Last Tuesday dealers reported that the regulator had moved the corridor to 33.40-36.40 roubles per basket, this the 32nd move since the middle of February.

As oil is one of Russia’s key exports, strong oil prices gave support to the currency. Futures for Brent crude oil were trading near the 19-month high reached on Monday.

It is expected that trading will be muted this week as many players continue their holiday in anticipation of another bank holiday weekend in Russia. Markets there will be closed on May 10.

A dealer at a Russian bank commented: "It is the beginning of the new month and anything can happen. We are likely to see a stronger rouble but the liquidity will be contracted as half of the traders are not at their work places."

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