Street exchange booth rates were even lower with a buy-sell spread of 15-17 for the greenback, while in afternoon interbank trading, the rate slid to as low as 16.96. The Russian central bank yesterday had set an official rate of 12.8198 rubles against the greenback.

The rouble has now lost more than 50 percent of its value against the dollar since it was effectively devalued on August 17, when a ruble bought 15 cents as opposed to barely seven cents today.

In a statement, the Moscow Interbank Currency Exchange confirmed that interbank trading, suspended last week by the central bank, had resumed and that the rouble rate would now be established through a new electronic fixing method.

The rouble rate will now be fixed daily at 10:30 AM (0630 GMT) on the basis of bidsand offers submitted through the electronic system. It was previously fixed at a rate where supply for hard currency, provided mostly through central bank intervention met demand.

The central bank pulled out of the market last week and shut down floor commercial banks clamouring to dollarise rouble assets.