Russia's Central Bank has started regular purchases of US dollars, causing the ruble to drop sharply in early trading today. The central bank is buying $100 million to $200 million daily starting on May 13.
"The purchases would be carried out uniformly throughout the trading day to minimize the impact on the exchange rate. In the case of significant changes in the foreign exchange market, the amount of transactions can be changed," Interfax cited the Central Bank's message.
According to the Central Bank, this decision was made taking into account the normalization of the situation in the domestic foreign exchange market and is not aimed at maintaining a certain level of exchange rate.
