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. Last Updated: 07/27/2016

Bank Shores Up Ruble

MOSCOW -- The ruble was steady against the dollar Tuesday with Central Bank support, which staved off what could have been a substantial fall, traders said. The bank set its next day rate at 26.24 rubles per dollar, unchanged from the previous day and based as usual on the average rate of the unified electronic trading session of eight exchanges.

"The Central Bank did not allow the ruble to fall below the 26.25 [rubles per dollar] level. Without Central Bank support the dollar could have risen, maybe to 26.35," said Oleg Vinogradov, a dealer at Mosneftekhimbank.

He said the dollar was likely to rise in the next few days since banks did not need rubles for immediate payments. Turnover in the unified session was a firm $152.70 million, and deals were struck at 26.23 to 26.26 rubles per dollar. The last deal was at 26.25 rubles per dollar.