A significant reduction in the dollar rate has continued for the fourth business day in a row. The dollar lost a total of RUR0.46 (more than 1.5 percent) between January 6 and 9, 2004.

Bank experts reported that no large-scale dollar sales were observed today like at the previous trade. Traders sold less than $20m as of 11:30 Moscow time with the number of deals reaching only 31. The trade volume at the previous trade was as low as $173m.

This denotes that a fall in the dollar rate is not caused by excessive dollar sales. Currency analysts link a significant ruble strengthening to the lack of support by the Russian Central Bank. They stated that on the previous business day, Friday, January 9, the Central Bank was not purchasing dollars as well. Some currency analysts believe that the bank stopped supporting the dollar and preventing a sharp strengthening in the ruble rate since the very beginning of 2004.

Commenting on the euro dynamic, experts reported a rise in the average weighted euro rate to RUR37.16 on the Russian market today, which was RUR0.23 higher than the official euro rate for January 12, 2004. Even the low on euros was RUR37.12. The euro surpassed the 37-ruble level for the second time today after January 6, 2004.

Analysts linked a new fall in the ruble rate against the euro to another fall in the dollar against European currency rate on international exchanges. Currently, a euro costs $1.286 against $1.272 on January 9. This means the dollar lost more than 1 percent against the euro recently.