25 May 2004 12:15
Central Bank restrains dollar drop
MOSCOW. May 25 (Interfax) - The U.S. dollar's slide on Tuesday, amid a ruble shortage among banks and rising
currency sales volume among exporters, was braked by the Central Bank with dollar buys at around 28.98 rubles/$1.
Metallinvestbank dealer Alexander Panasenko told Interfax that, despite the continuing ruble liquidity shortage,
dollar sales are being prompted by high oil prices and euro gains against the dollar on the international Forex
market.
"From the morning on, the market was inclined to further dollar slippage due to the ruble shortage [interbank
loan market overnight rates, though, were down from the previous day but remained high at 14%- 16% per year] and the
euro's growth on the Forex, where the price topped the $1.21 mark on Tuesday," Panasenko said.
A total of $1.421 billion changed hands Tuesday, with $107.359
million traded in UTS Today deals after the Central Bank made its
"If the Central Bank had not appeared on the market, having begun to buy up excess forex at 28.975-28.9795
rubles/$1 in 'tomorrow' deals, the market would have slid fairly appreciably, around ten kopecks. All told,
the Central Bank on Tuesday bought up more than half a billion dollars, thereby somewhat unloading the market of excess
currency offers," he added.
Further dollar movement, if the unfavorable factors for the forex market persist, will depend on what position the
monetary authorities take, which so far is demonstrating interest in a stable dollar exchange rate. "The Central
Bank held the market up all day and, possibly, will block ruble strengthening even further; with taxes being paid and
the exporters selling, there will be no serious increase in demand for the American currency before the end of the
month," Panasenko said. The dollar's weighted average exchange rate went down 2.84 kopecks to 28.9676
rubles/$1 in UTS Today deals, 0.98 kopecks to 28.9787 rubles/$1 in Tom deals.
The average MICEX cost for the euro, against the positive backdrop
of the Forex market, gained 35 rubles. The UTS rate increased 29.14
kopecks to 34.9119 rubles/EUR1; the average weighted rate rose to
On the interbank currency market, the dollar went down 1.35 kopecks to 28.9688 rubles/$1 in ordinary Today deals,
1.22 kopecks to 28.9777 rubles/$1 in Tom deals (minimum deal price 28.96 rubles/$1).
appearance, $785.142 million in UTS Tom deals, $290.489 million in ordinary Today deals and $138.77 million in Tom
deals.
There were six Day-after-tomorrow deals on the market at an average rate of 28.9766 rubles/$1 for a total of $10.396
million.
34.9952 rubles/EUR1 in ordinary trading.
There were 196 deals totaling EUR 6.343 million in UTS trading, ten deals for EUR 2.263 million in ordinary trading.
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