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. Last Updated: 07/27/2016

Ruble Firms on CB Intervention

The ruble managed to claw back some ground against the dollar Thursday after the Central Bank intervened to support it the day after a sharp plunge, dealers said.

The ruble was set at a weighted average of 30.4999 to the dollar after sliding by some 40 kopeks Wednesday to 30.5753.

"The Central Bank is selling hard currency and banks are buying actively," said one dealer.

The currency remained slightly weaker on the interbank market, with rubles for tomorrow delivery being quoted at 30.5300/30.5500 by midsession after 30.5200/30.5400 at the end of the previous day's trade.

"Everything will depend on what the Central Bank does," said Alexei Bukleyev, a currency dealer at Alfa Bank.

"I think it will support the ruble in the region of 30.50 to the dollar until the middle of next week," he added.

Analysts saw pressure on the ruble continuing with the Central Bank maintaining its policy of sometimes supporting the currency and sometimes letting it go and at the same time keeping a careful eye on the level of its foreign currency reserves.