02 December 2003 05:03
Dollar stays at 29.7 rubles amid balanced supply, demand
MOSCOW. Dec 2 (Interfax) - The dollar remained at around 29.7 rubles/$1 on the Russian currency market Tuesday amid
balanced supply and demand. Intervention from the Central Bank of Russia was not required.
"Trading was rather calm with balanced demand and supply and no need for active Central Bank participation.
Dollar transactions were made within a narrow range of 29.70-29.71 rubles/$1 and the market did not go down to 29.965
rubles/$1 where the Central Bank bought [dollars] yesterday," Sergei Romanchuk of Metallinvestbank told
Interfax.
There is still no reason to believe the dollar will start climbing as supply from exporters remains high and the
dollar is sliding against other currencies.
"All this gives the Central Bank grounds to gradually lower the dollar exchange rate and the dollar will
continue to strengthen in the near future. The market will probably stay at its current level (29.7 rubles/$1) until the
parliamentary elections. I don't think the Central Bank will allow market destabilization."
The dollar's weighted average exchange rate edged down 0.49 kopecks to 29.7024 rubles/$1 in UTS Today deals and
0.38 kopecks to 29.7008 rubles/$1 in Tom deals.
On the interbank currency market, the dollar slid 0.83 kopecks to 29.7022 rubles/$1 in Today deals and 0.52 kopecks
to 29.7012 rubles/$1 in Tom deals.
A total of $328.15 million changed hands Tuesday, with $120.894 million traded in UTS Today deals, $38.796 million in
UTS Tom deals, $110.558 million in ordinary Today deals and $57.902 million in Tom deals.
"On the international Forex market, euro trading was surprisingly calm, the exchange rate fluctuated within a
narrow range of from $1.1945 to $1.199," Romanchuk said. The euro is still seeing an upward trend, but a correction
is needed before a new surge is possible, so the euro may go down, he said.
In euro/ruble trading, the euro went down 10.33 kopecks to 35.5692 rubles/EUR1. The gap between the euro and the
dollar was 5.8668 rubles.
Banks traded EUR 5.803 million in 239 deals in the UTS, and EUR 92,000 million in 4 deals in the afternoon session.
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