Russia's Finance Ministry said on Wednesday it would cut its daily purchases of foreign currency for state reserves to the equivalent of 15.8 billion roubles ($249.74 million) between July 6 and August 6. The ministry said it was reducing total purchases for the upcoming period to the equivalent of 347.7 billion roubles because revenues from oil and gas exports were lower than expected.
Analysts polled by Reuters predicted the ministry would increase purchases of foreign currency and buy a total of 395.0 billion roubles from July 6 to August 6. In the preceding period, between June 7 and July 5, the ministry's plan envisaged purchases of foreign currency in the amount of 379.7 billion roubles.