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At the morning currency tradings today, operators were forced to sell currency, because ruble resources are extremely expensive today and the rates on one-day credits reached 60% from time to time. Such a situation should have been expected for many operators on the last business day of the month, because banks are to make all their necessary payments. The Central Bank was forced to hold the rate from the fall by purchasing currency assets offered, because the rate reduction was so intense that a level of 26 rubles per dollar was crossed, and, apparently, the Central Bank was completely uninterested in this. By acting this way, the Central Bank has prevented the rate from falling and has partially restored its gold and currency reserves, which it spent yesterday while making currency interventions. During daytime tradings today, the rate will apparently fluctuate approximately within a range of 26.05-26.15 rubles per dollar. Therefore, the rate may go back to growing during the first days of November and reach an approximate level of 26.50 rubles per dollar. However, there is a lot that will depend on the Central Bank's position, because the current rate growth has been provoked by the bank's exclusive inactivity, which was used by the operators who immediately started buying currency. Apparently, the Central Bank's actions are directly related to the government's budgetary obligations for the year 2000 perspective. According to the preliminary forecasts, as soon as a level of 26.50 rubles per dollar is reached, the Central Bank may give a sign to the operators telling them to stop increasing the rate, after which stoppage the adjustment process will start. Most likely, some stabilization of the rate may occur at a level slightly higher than 26.00 rubles per dollar.
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