Russia Cuts Daily FX/Gold Purchases to 2.5B Rubles from Sept 7

Russia's Ministry of Finance will reduce daily foreign currency and gold purchases under the budget rule to 2.5 billion rubles from September 7, down from a higher previous pace. The move signals reduced fiscal inflows or a deliberate effort to limit ruble appreciation pressure. It implies a smaller official demand for hard currency, which may ease downward pressure on the ruble.