28 April 2004 07:59
Dollar demand up slightly amid ruble shortage
MOSCOW. April 28 (Interfax) - The dollar selling that characterized the market at the start of the week had slowed
noticeably Wednesday, and the exchange rate began to rise moderately even in the face of a ruble shortage. The day ended
with the dollar at 28.875 rubles/$1 on the MICEX.
30% per year on Wednesday.
"From time to time, the Central Bank appears on the market offering
Trading department chief at Alfa Bank Igor Vasilyev told Interfax that the dollar's slight gains were the result
of not so much increased demand as a lack of forex offers by banks trying to deal with the difficult situation on the
interbank loan market, where rates reached
currency. Obviously, the monetary authorities have pursued the goal of padding market ruble liquidity, which also
spurs the exchange rate up. In the morning, for example, deal prices topped the 28.91 rubles/$1 mark, but by the evening
the market had leveled out at a little less than 28.9 rubles/$1," Vasilyev said.
Market operators are trying to figure out the market's further path, analyzing the government's announced
inflation percentages at the end of the year. "The Central Bank's appearance on with forex sales allows one to
hope that the strong ruble deficit will ease somewhat in the month's remaining two trading days, which will help
the dollar grow further. Banks are most likely to opt to enter the May [Day] holidays with closed 'short'
dollar positions, which presumes a more active buyer," Vasilyev said.
The dollar's weighted average exchange rate gained 1.24 kopecks to 28.8633 rubles/$1 in UTS Today deals, and
2.63 kopecks to 28.8756 rubles/$1 in Tom deals.
On the interbank currency market, the dollar slipped 2.24 kopecks to 28.8463 rubles/$1 in ordinary Today deals, but
gained 1.32 kopecks to 28.8742 rubles/$1 in Tom deals (maximum 28.91 rubles/$1).
A total of $766.156 million changed hands, with $148.974 million traded in UTS Today deals, $134.996 million in UTS
Tom deals, $262.178 million in ordinary Today deals and $218.508 million in Tom deals.
There were also three Tom-next deals totaling $1.5 million at 28.88 rubles/$1.
On the euro/ruble sector, the value of the European currency was more or less static: down 3.4 kopecks to 34.2835
rubles/EUR1 in UTS and at 34.3697 rubles/EUR1 in ordinary trading.
There were 185 deals for EUR 4.757 million in UTS and 14 deals for EUR 876,000 in afternoon trading. [RU EUROPE EEU
ASIA EMRG ASIA EUR FRX BNK CEN INSI] cf
[Interfax] |
RUSSIA IN FACTS
