OREANDA-NEWS. September 21, 2009. In the week ended the ruble continued strengthening against both the bi-currency basket and the dollar. On Thursday it appreciated to 36.88 against the basket (EUR & USD official rates). It stood at 37.25 a week ago, reported the press-centre of OTKRITIE FC.

The dollar dropped 1.6%, down to 30.39. The week’s most interesting story, however, centered upon controversial statements by policymakers. CBR First Deputy Chairman Ulyukaev asserted that the ruble would stay strong, at the same time that the Prime Minister was saying that the government would not allow its currency to strengthen. Meanwhile, Vice-PM Shuvalov stated that he saw no grounds for a sharp devaluation.

CBR issued its weekly report on Russia’s international reserves for the week ended 11 September. The reserves increased by US6bn, reaching US 410.9bn. As we see it, this was a function of two factors: the IMF’s allocation of US 33bn in SDRs between member countries (with Russia’s share at US 2bn), and the weakening of the dollar across global markets. A positive revaluation of the reserves’ non-dollar components could garner another US 4bn.