The ruble slid against the dollar, which rose to a five-year high against the Russian currency early on in Moscow Exchange trading on Wednesday.

This was possibly in reaction to yesterday's news that the Finance Ministry plans to buy a lot of foreign currency for ultimate transfer to the Reserve Fund.

At 10:13 a.m. Moscow time, the dollar was at 35.588 rubles/$1, or 17.5 kopecks up on Tuesday close. The euro was at 48.92 rubles/EUR1, up 12 kopecks. The bicurrency basket ($0.55 and EUR 0.45) had risen 15 kopecks to 41.59 rubles.

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