Russian Currency Regained

Russian ruble yesterday gained a five-year high against the US dollar, triggering dollar-buying intervention from the Central Bank aimed at curbing the currency?s rise.

Buoyed by high global oil prices and weaker dollar against other world?s currencies on global markets, the Russian national currency bounced sharply against the dollar.

?While we were all congratulating the ladies, a few things happened, including a rise by the euro (against the dollar) of one big figure,? said Pavel Gusev, the dealer with Soyuz Bank, adding that the Russian currency often tracked euro-dollar moves.

Dealers said they suspected the Central Bank had bought dollars and sold rubles for ?tomorrow? delivery early in the session at 27.55 rubles to the dollar, and later at 27.54, after being seen intervening last week at 27.67.