Russian central bank likely spent $700mn defending rouble on Friday-traders

MOSCOW: Russia's central bank has probably spent $700 million in forex market interventions on Friday to defend the rouble, two traders said.

The rouble hit a new low against the dollar in early trade on Friday, shrugging off the central bank's rate hike the day before as oil prices continued to slide.

But it erased some of its losses later in the day to be 1.7 percent weaker by 0952 GMT at 57.4 versus dollar.

"This, without doubt was the central bank.

I believe it went out to defend the 58 roubles mark and sold some $700 million for a short time," said Alexei Vorobyov, head of forex operations department at Vozrozhdenie bank.