Russia Spent $980 Million in Biggest Intervention Since March - Bloomberg

Russia Spent $980 Million in Biggest Intervention Since March - Bloomberg:



"Russia’s central bank spent $980 million on Oct. 3, the biggest intervention to stem the ruble’s decline since President Vladimir Putin’s incursion into Ukraine in March.



The monetary authority also said it shifted the upper boundary of the currency's trading band by 10 kopeks to 44.60 yesterday, signaling it sold at least $700 million that day. The central bank spends $350 million before moving the border by 5 kopeks, according to its guidelines. The ruble gained 0.1 percent against the target dollar-euro basket to 44.4312 as of 10:40 a.m. in Moscow.



“This does not mean that further weakness is ruled out,” Vladimir Osakovskiy, a Moscow-based economist at Bank of America Corp., said in e-mailed comments yesterday. “The trading corridor will be adjusted in line with any potential future interventions.”"



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