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Ruble Drops 15 Points

The ruble traded at 1,274 per dollar at the Moscow Interbank Currency Exchange auction, losing 15 points, or over 1 percent of its value, compared to the previous auction on Jan. 6, when the dollar was bought at 1,259 rubles.


Total volume traded came to $126.75 million after demand of $128.6 million outstripped supply of $111.2 million at the start of trade, said Igor Doronin, an exchange analyst.


Doronin said the drop, which was the largest since September, was due to concerns about the government's commitment to the tight monetary policys.


He also said companies invested more in the dollar because of government plans to sign an agreement with the former Soviet republic of Belarus.

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