For the seventh time this month, the Bank of Russia has moved the ruble's trading band higher.
The band was moved five kopecks to RUB33.05-RUB40.05 against the euro-dollar basket, Nasdaq reports.
The euro-dollar basket is used as the central bank's main gauge of the currency market.
The currency is kept within a floating corridor against the basket by the central bank, which moves the band five kopecks either way if the currency's accumulated purchases or selling of foreign currencies exceeds $350 million.
The bank also sells dollars and euros to ease downside pressure, which it has done over the course of the last few months.
When the ruble strengthens toward the lower boundary of the band, the bank buys foreign currencies, Nasdaq reports.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme