MOSCOW, July 31 (Reuters) - The Russian central bank has shifted its target exchange-rate corridor by 10 kopecks following market interventions to stem rouble depreciation against the dollar-euro currency basket that it targets, the central bank said on Thursday.
The new corridor extends from 31.85-38.85 roubles to the basket, compared with 31.75-38.75 last announced by the central bank on July 8.
Under its managed float, the central bank increases its market interventions as the rouble approaches the boundary of the corridor. Once an intervention allotment of $450 million is exhausted it automatically shifts the corridor.
The approach is designed to smooth market volatility, not defend levels.
(Reporting by Jason Bush) Keywords: RUSSIA CBANK
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