Euro rises to 54 rubles, Central Bank spends nearly $1.5 bln in early trading

The euro has soared to 54 rubles and the ruble has fallen to new all-time lows against the bicurrency basket.

The euro has soared to 54 rubles and the ruble has fallen to new all-time lows against the bicurrency basket.

The Interfax Center for Economic Analysis estimated the Central Bank spent nearly $1.5 billion defending the ruble in the first few minutes of trading. This represents more than half of trading volume on the currency exchange.

The euro was up 33 kopecks from previous closing to 54 rubles/EUR1 by 10:37 a.m. and the dollar was up 17.5 kopecks to 42.455 rubles/$1. The bi-currency basket ($0.55 and EUR0.45) had risen 24.5 kopecks in value to 47.65 rubles.

It has taken the euro just four days to rise from 53 rubles to its next milestone of 54 rubles.

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