OREANDA-NEWS. On July 09, 2009 CBR issued a report detailing the country’s international currency reserves for the week ended 03 July, revealing a US1.4bn decrease, dipping to US 409.1bn. The decline can be attributed to a negative revaluation of the euro component of Russia’s reserves, which was felt in the decline of the volume of reserves last week as the euro depreciated against the greenback. We continue to see stability in currency reserves, paying little heed to such fluctuations, reported the press-centre of OTKRITIE FC.

Since the beginning of the month, there has not been a single day in which the ruble has appreciated. The first days of July witnessed miniscule depreciation, but then the trend began to accelerate. In the period 30 June – 9 July the ruble dropped by 2% against the bi-currency basket and on Thursday the official exchange rate stood at 37.52.

During this same period, the ruble fell by 2.7% against the dollar. On Thursday, the ruble continued to weaken, as the RUB/USD rate reached 31.89 (+0.11 from Wednesday). Expectations of ruble devaluation are rising but money markets have not been affected yet due to a high level of liquidity. From our standpoint, these developments on the currency and money markets are positive for the economy.