21 May 2004 08:08
Moderate dollar decline continues Friday
MOSCOW. May 21 (Interfax) - The dollar continued its gradual decline on Friday in conditions of continued ruble
shortages at banks, which are making tax payments.
By the end of trading the U.S. currency fell to 28.97 rubles, and during trading on the MICEX the dollar fell to
28.94 rubles.
Metallinvestbank trader Alexander Panasenko told Interfax that the ruble shortage was felt for most of the day, which
was reflected in growth in the overnight rate to 14%-17% for first tier banks and 16%-20% for second tier banks, and in
the cost of swaps - from 2.1 to 3.3 kopecks.
"Banks experienced a shortage of resources, which had a negative influence on the dollar rate. Closer to evening
several large deals were carried out at 28.9655 rubles to the dollar - it is not ruled out that the Russian Central Bank
stimulated the market to slight growth with some purchases," he said.
Panasenko said that at the moment the main restraining factor for the market is the shortage of rubles, and if this
situation improves next week, the dollar may increase to about 29 rubles.
"In addition, the euro dynamic on the Forex market may influence the distribution of forces on the market -
growth was noted here on Friday and the single European currency reached $1.206, which is a significant movement for
recent days," he said.
The average rate for today dollars at the unified trading session on Friday fell by 2.96 kopecks to 28.9574, while
tomorrow dollars fell by 0.01 kopecks to 28.9761 rubles.
The rate for today dollars during afternoon trading on the MICEX gained 1.59 kopecks to 28.9598 rubles, with tomorrow
dollars up 0.33 kopecks at 28.9812 rubles to the dollar.
Total dollar trading on the MICEX on Friday fell slightly to $746.083 million. Of this total, $94.847 million was in
today trading at the UTS; $262.71 was in tomorrow trading on at the UTS; $242.47 million was in today trading during the
afternoon session and $146.056 million was in tomorrow trading during the afternoon session.
In the euro sector on the MICEX the European currency gained, on the back of its increase on the Forex market: the
avenge rate at the UTS gained 23.68 kopecks to 34.8062 rubles to the euro, and during afternoon trading the average
weighted exchange rate increased to 34.913 rubles to the euro - the highest price for deals was 34.95 rubles to the
euro.
At the unified trading session for the euro on Friday a total of 159 deals were carried out for 4.553 million euros,
with 6 deals during afternoon trading - for 1.615 million euros. [RU EUROPE ASIA EEU EMRG EUR FRX BNK CEN INSI] rd
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