Russia Mulls Buying Australian Dollar

The Bank of Russia will begin purchasing the Australian dollar for its gold and foreign exchange reserves by the year-end, The Wall Street Journal reports. The existing ruble trading band rests at between 32.70 and 37.70 compared to a basket of dollar and euro.

The Russian currency is kept in a 5-ruble wide trading band against the dollar-euro basket. The central bank sells the foreign currency when it weakens and buys it when the Russian currency looks up.

Click here for the story from The Wall Street Journal.