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. Last Updated: 07/27/2016

Ruble's Downward Slide Resumes After Stable Period

After weeks of relative stability, the ruble fell to a new low of 576 rubles to the dollar Tuesday, down from 559.


Bankers predicted that the ruble's stabilization over the past few weeks, after a big fall from around 420 in late January, would be only temporary.


Trade at Tuesday's session of the Moscow Interbank Currency Exchange, which determines the official rate, was higher than usual at $77. 71 million.


Leonid Shpitsberg, an analyst for Menatep Bank, said the Central Bank may have supported the ruble this month by trading through commercial banks, rather than selling dollars directly. The Central Bank announced in January that it had spent over $1 billion in intervention in 1992.


Shpitsberg predicted a further fall of the ruble, saying that $1 worth of rubles still buys less in Russia than it did a few years ago.


He said that small traders were being pushed out of business by the high rate of the dollar.


For other experts, the ruble rate has turned into a riddle. Yury Shchegolkov, spokesman of the currency exchange, said that "as for microeconomic comment, we can't say anything, because only God knows what is happening".