MOSCOW: Russia's Finance Ministry said on Tuesday it would increase its daily purchases of foreign currency for state reserves to the equivalent of 19 billion roubles ($306.81 million) between June 7 and July 5.
The ministry said it was increasing total purchases for the upcoming period to the equivalent of 379.7 billion roubles as it anticipated to receive extra revenues from oil and gas exports thanks to higher prices for oil, Russia's key export.
Analysts polled by Reuters predicted the ministry would increase purchases of foreign currency and buy a total of 374.5 billion roubles between June 7 and July 5.
The ministry said the amount of daily purchases may vary depending on market conditions.
In the preceding period, between May 10 and June 6, the ministry's plan envisaged purchases of foreign currency in the amount of 322.8 billion roubles.
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