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Ruble grows against dollar after reports of Finance Ministry’s foreign currency purchases

March 03, 14:08 UTC+3 MOSCOW

Russia's Finance Ministry said earlier that it is going to spend $1.2 bln on foreign currency purchases on the domestic market from March 7 to April 6, 2017

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MOSCOW, March 3. /TASS/. The ruble rose against the dollar after reports about the Russian Finance Ministry’s currency purchases in March. Thus, the dollar fell by 14 kopecks to 58.66 rubles.

Russia's Finance Ministry said earlier that it is going to spend 70.5 bln rubles ($1.2 bln) on foreign currency purchases on the domestic market from March 7 to April 6, 2017. Thus, the daily volume of foreign currency purchases will amount to the equivalent of 3.2 bln rubles ($54.5 mln).

According to the ministry’s forecast, additional oil and gas revenues in March will amount to 91.9 bln rubles ($1.56 bln). However, in February the difference between actual oil and gas revenues and forecast reached 21.4 bln rubles ($364.4 mln).

Russian Finance Minister Anton Siluanov said earlier that currency interventions ensure stability of the ruble.

As reported earlier, Russia’s Finance Ministry started foreign exchange purchase and sale operations on the domestic forex market. The amount of operations will depend on the amount of oil and gas revenues of the Russian federal budget. The move is aimed at increasing the stability and predictability of the domestic economic environment and mitigating the impact of varying energy resources market situation on the Russian economy. The foreign currency purchases are expected to have an immaterial effect on money market rates, the Finance Ministry and Central Bank said.

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