RUSSIAN CURRENCY MARKET: CENTRAL BANK BACKS UP ROUBLE

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MOSCOW, October 22 (RIA Novosti) - The Central Bank of Russia has withdrawn support from the US dollar, and it dropped below 29 roubles-back to late May's.

Today's MICEX unified session opened at R29.105-29.115/$1, near yesterday's closing time rate, say brokers. The Central Bank made no bids at all, to bears' luck, and the rate slid to R28.995-28.996/$1.

The Central Bank close to sit on the fence as the Euro struggles up and the dollar plummets all over the world, assumes Roman Frolov, Roseurobank dealer. Moscow brokers were offering dollars in plenty today with hard currency revenues flooding the market. "There are no other reasons for today," he remarked to Novosti.

The Central Bank never appeared at the auction this day, and he cannot say what rate it favours now, added the dealer.

The dollar was lower down at the forex market today, too. Analysts point out recent apprehensive statements by US Federal Reserve System spokesmen. They expect exorbitant petroleum prices and an inadequate workforce increase to hit the American economy, harassed by a bad commercial deficit as it is. The global average rate is now $1.265/1 Euro. Even hopeful US labour market statistics cannot stop the dollar slump vs. the Euro, say finance experts.

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