Dollar gains against ruble in early trading, rising to 3-wk high; euro lower

The ruble was declining against the dollar and gaining against the euro in early trading on the Moscow Exchange on Tuesday amid steep fluctuations in the euro on Forex markets and an upward correction in oil prices as the markets remained sensitive to developments surrounding Greece.

The dollar was averaging 55.8 rubles/$1 after the first minute, 9 kopecks above the close on Monday and 60 kopecks above the official exchange rate.

The euro began the day at 62.3 rubles/EUR1, 42 kopecks below the previous close but 78 kopecks above the official exchange rate.

The bi-currency basket ($0.55 and EUR0.45) started the day at 58.725 rubles, 14 kopecks lower.

By 10:16 a.m., the dollar rose to 56 rubles/$1, its highest level since June 9, but dropped a few kopecks below 56 rubles/$1 in the ensuing minutes.

The dollar has posted gains in each of the last five days, rising 1.55 rubles in all, a 2.9% increase. The euro has risen 1.5 rubles or 2.5% in that time.

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