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Central Bank begins supporting dollar

      RBC, 25.10.2004, Moscow 15:45:33.The Russian Central Bank has started a ruble intervention on the Russian currency market this afternoon. The dollar is being supported at 28.865 RUR/USD at a special session for tomorrow deals. The weighted average rate is at the same level. Dollar purchases by the Central Bank began at 2 p.m. Moscow time, some experts told RBC. The Central Bank is buying dollars in large lots of some $27m and $35m. Due to these active purchases, the process of the dollar's weakening against the ruble has ceased. Nevertheless, the selling of dollars by commercial banks has been substantial. Participants of the special session sold over $900m at 3 p.m. Moscow time. Some $350m were sold from 1 p.m. till 3 p.m. Moscow time.

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