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. Last Updated: 07/27/2016

Ruble Up Slightly, Reserves Dwindle

The ruble made another small step higher in official trade Friday as the market stood by for more Central Bank steps in support of the currency.

The ruble's official rate for the weekend and Monday was set at 25.03 to the dollar after 25.09 set for Friday.

The official rate was based on trade at the restricted morning session on the SELT system of MICEX, where the weighted average was 25.0332 versus 25.0868.

The currency earlier this week hit an all-time low of 25.12.

The central bank has recently introduced several new measures aimed at limiting the sale of rubles for dollars and capital flight and analysts expected more, especially as the country's reserves are sliding lower and lower.

"As heavy external debt payments loom in June and July and central bank reserves continue to touch new three-year lows, we expect more of these opportunistic bouts of regulation-writing in an attempt to stem ruble weakness," finance house MFK said in its daily bulletin.