Bank Of Russia Raises Ruble Trading Band Again

Big 5

The Bank of Russia continued adjusting the ruble trading band, letting the ruble weaken gradually to new all-time lows, the bank’s data showed Thursday.

The central bank said it pushed the ruble’s trading band 25 kopecks higher to 36.95-45.95 rubles per euro-dollar basket on Wednesday.

The central bank said it sold $2.286 billion on Tuesday to slow the ruble’s slide. Since the beginning of the month the central bank has adjusted the ruble’s band 31 times, spending as much as $10.85 billion from its gold and forex reserves, the world’s fourth largest, which stood at $454.7 billion in early October.

The ruble traded at 45.9 versus the euro-dollar basket in early trade on Thursday.

Source : Market watch

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