26 May 2004 05:57
CBR keeps dollar stable, euro tops 35 rubles
MOSCOW. May 26 (Interfax) - The Central Bank of Russia continued to buy dollars at 28.975 rubles/$1 for a second day
on Wednesday amid a ruble deficit, keeping dollar quotes stable, while the euro climbed to over 35 rubles for the first
time since the beginning of the month.
With weak dollar demand and ruble shortages (interbank loan market rates topped 15%), the monetary authorities are
trying to prevent the market from slumping, said Roman Frolov of RosEvroBank. "The Central Bank bought dollars
throughout the day, collecting dollars in large lots of $50 million to $70 million at from 28.9725 rubles/$1 to 28.975
rubles/$1, keeping prices within this range," he said.
On the interbank currency market, the dollar dropped 0.12 kopecks
to 28.9676 rubles/$1 in ordinary Today deals, and 0.37 kopecks to
On the international Forex market, the euro climbed to $1.214. "the euro began to go up at the beginning of the
week, following the release of poor U.S. economic statistics, but so far the euro remains within a range of $1.19 to
$1.22, so it is difficult to predict its further movement. Tomorrow the euro could cost a lot less than today,"
Frolov said.
On the Russian market, the Central Bank will probably continue to buy dollars until ruble supply returns to normal,
he added.
The dollar's weighted average exchange rate rose 0.55 kopecks to 28.9731 rubles/$1 in UTS Today deals, and slid
0.4 kopecks to 28.9747 rubles/$1 in Tom deals.
28.9740 rubles/$1 in Tom deals.
A total of $957.487 million changed hands Wednesday, with $92.517 million traded in UTS Today deals, $491.457 million
in UTS Tom deals, $219.425 million in ordinary Today deals and $154.088 million in Tom deals.
In euro/ruble trading, the euro rose 22.71 kopecks to 35.139 rubles/EUR1 in the UTS and went up to an average of
35.1153 rubles/EUR1 in the afternoon session.
Banks traded EUR 7.076 million in 221 deals in the UTS and EUR 2.211 million in 18 deals in the afternoon session.
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