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. Last Updated: 07/27/2016

Ruble Hits New Low of 30.76

The ruble took another battering Friday as the Central Bank let it slip to new lows and dealers saw little support in the short term.

The ruble represents a difficulty for Russian economic policy. The Central Bank does not want to allow it to depreciate too quickly, which for Russians might spark fears of a repeat of earlier currency crises.

But it also wants to limit its rise amid inflation that is already growing above forecasts and the impact that currency gains have on the country's export competitiveness.

The ruble took a sharp slip in official early trade to a weighted average for today settlement of 30.7644 to the dollar, a new historic low, although this was slightly higher than the weaker levels of 30.7855 it touched at first.

The Central Bank then set its official next day ruble rate at 30.7644 versus 30.7236 on Thursday. In late interbank trade, the other main forum for ruble dealing, it was at 30.8190/30.8290, below the 30.7400/30.7575 of Thursday.

Dealers said the outlook for the currency remains dependent on whether the Central Bank supported or abandoned it.

"Ruble stability was due to tight Central Bank control of the market and everybody more or less obeyed. But many expected it to fall as soon it left the market," said Vladimir Zavershinsky, head of treasury at Moskomprivatbank.