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. Last Updated: 07/27/2016

Ruble Seen Weakening

MOSCOW -- Russian Central Bank Chairman Viktor Gerashchenko said Wednesday he expects the ruble to weaken slightly against the dollar following a decision to unify the country's two foreign exchange trading sessions.

Prime-Tass quoted Gerashchenko as saying there would be "a slight quickening in the dollar's growth rate" following the merger from June 29. "The Bank of Russia is ready to spend gold and foreign exchange reserves to support it [the ruble]," he said.

Gerashchenko, speaking on the sidelines of an international economic forum in St. Petersburg, said the Central Bank was ready to increase the amount of hard currency sold to commercial banks to help to offset any impact from unifying the sessions.