Return to the inevitable: the ruble backs back

Foreign Exchange Market Finansy03-09-2008 Return to the inevitable: the ruble backs back again 25 rubles per dollar - a few weeks ago a rollback seemed unreal. However, it stopped at that point yesterday, the pendulum of exchange trading. To be precise, the special session of trading on MICEX by Wednesday evening ended at 25.08 rubles. per dollar. It is 36 cents above the official rate of U.S. currency USA, established by the Bank of Russia on Wednesday and a 21 penny above the rate set for Thursday. Only on the stronger dollar and weakening euro is not to write off. The ruble fell as a whole to the basket (notional unit consisting of 55% in U.S. dollars and by 45% - in euros). Ruble against the currency basket on MICEX on Wednesday dropped more than 30 cents to its lowest level since February 2007. By the end of trading ruble depreciated against the currency basket with a 29.82 to 30.21 rubles. In the fall of the ruble, which abruptly began after the outbreak of hostilities in South Ossetia and Georgia, many were quick to see a political component. Indeed, venture capital then hurried out of the Russian market. However, apart from the war, the foreign exchange market began to play out a scenario that experts predicted long ago.