08 April 2004 07:47
DOLLAR SLIDES, EURO CORRECTS UP
MOSCOW. April 7 (Interfax) - The Russian currency market was quiet on Wednesday and the dollar lost a kopeck on
average in a correction following growth earlier in the week, while the euro edged up.
There were no surprises on the market Wednesday, said Alexander Zhukov of Olimpiyskiy bank. "The dollar's
slight slide was completed anticipated, if we consider that at the end of last and beginning of this week the dollar
rose several kopecks due to its stronger position against other currencies on the international Forex market," he
said. Fluctuations were so slight that the Central Bank was able to keep intervention to a minimum, he added.
Central Bank gold and foreign currency reserves fell by a record
$2.92 billion in March, but this is unlikely to affect the Bank's
and before March they rose at a very speedy rate, will enable the
monetary authorities to keep the market in check and even a drop of
The market remains stable overall and there are no reasons for serious fluctuations. Speculation might pick up if
interest rates go up in the United States, Zhukov said.
Forex market, and quotes came to a lull at just over $1.2 - investors
are waiting for events on the U.S. financial market, especially a
exchange rate policy, Zhukov said. "The volume of reserves accumulated,
almost $3 billion is unlikely to change this, considering that the total amount exceeds $80 billion," he
said.
The reserves fell in March because of dollar gains on the international Forex market, said Anatoly Kaplin of Aton. In
other words the inflow of speculative funds stopped temporarily and now there is a fragile balance between oil dollar
sales, capital withdrawals and government debt payments, he said. The dollar's weighted average exchange rate went
down 1.39 kopecks to 28.529 rubles/$1 in UTS Today deals, and 0.85 kopecks to 28.5269 rubles/ $1 in Tom deals. On the
interbank currency market, the dollar slid 1.03 kopecks to 28.5287 rubles/$1 in ordinary Today deals, and 0.97 kopecks
to 28.5258 rubles/$1 in Tom deals. A total of $350.603 million changed hands Wednesday, with $60.377 million traded in
UTS Today deals, $69.236 million in UTS Tom deals, $150.336 million in ordinary Today deals and $70.654 million in Tom
deals. In euro/ruble trading, the euro rose 6.88 kopecks to 34.5258 rubles/EUR1 in the UTS and rose to an average of
34.496 rubles/EUR1 in the afternoon session. The gap between the euro and the dollar widened to 5.9202 rubles.
"Strong euro fluctuations stopped on the international
possible hike in interest rates," Zhukov said. Banks traded EUR 6.082 million in 224 deals in the UTS and EUR
453,000 in 7 deals in the afternoon session.
[Interfax] |
RUSSIA IN FACTS
