Markets

Russian rouble hits boundary of announced central bank corridor

Published February 19, 2014 Updated February 19, 2014 02:15pm

1 min

By Shoaib Ur Rehman

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MOSCOW: The Russian rouble has weakened to the level of 41.80 against a dollar-euro dollar-euro basket , the boundary of the corridor announced by the central bank.

Earlier on Wednesday, the central bank said the corridor ranged from 34.80 to 41.80 from Feb. 18.

The actual range of the corridor may differ because the central bank announces shifts a day after they occur. When the rouble falls to the edge of the corridor the bank makes unlimited interventions to support the rouble, up from $400 million a day when it is within 95 kopecks of the edge.

The central bank moves the corridor by five kopecks each time it has expended $350 million in interventions.

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