1.   An indication of the unusual recent interest in buying rubles is the level of trading.

2.   But ironically, most people waiting to change money at private exchange booths on Saturday said they were buying rubles, not dollars.

3.   Heavy central bank intervention had little impact, as few people were interested in buying risky rubles.

4.   In general open-market trading there is little interest in buying rubles, while there is heavy buying of strong Western currencies, such as the U.S. dollar.

5.   Ironically, most people waiting to change money at private exchange booths on Saturday said they were buying rubles, not dollars.

6.   That meant they had to buy rubles at the special session.

7.   When the bank spends its hard currency to buy rubles, it adds to the demand for the ruble and therefore causes its rate to go up.