SOFT RUBLE PEG PRODUCES NEW WINNERS, LOSERS.

Moscow’s decisionto maintain the ruble-dollar exchange rate within a fixed rangeis likely to lead oil and gas producers to sell more on the domesticmarket rather than to seek profits abroad, to hurt the export-dependentaluminum industry, and to hurt some other exporters as well, Moscowmedia reported July 6. Demand for the dollar rose July 6, andthe ruble fell slightly, Russian radio reported. During a July6 meeting of the government, Prime Minister Viktor Chernomyrdinsaid that he did not want the ruble to stay too high lest it hurtRussian exporters, Ostankino reported July 6.

Portfolio Investment Rises in May.