01 June 2004 05:56
Dollar tops 29 rubles amid higher ruble supply
MOSCOW. June 1 (Interfax) - The dollar climbed to over 29 rubles/$1 on Tuesday as ruble liquidity improved in the
banking system.
The dollar's rise against the ruble looked logical and expected because interbank loan market rates tend to go
down at the beginning of the month and when money supply rises so does the dollar, said Alexander Zhukov of Olimpiyskiy
bank. "The dollar's appreciation was uncertain in the first half of the day because interbank loan market
rates were still high, topping 10%, but the ruble situation eased later (rates dropped to 2%-3%) and the dollar topped
29 rubles, where it was two and a half weeks ago," he said.
Together with higher ruble supply, demand had accumulated over the long weekend in the United States (U.S. banks were
closed for the Memorial Day holiday on Monday) and this had a positive impact on the dollar. "Dollar demand
increased, while banks servicing exporters are still holding on to client earnings and plan to sell later when prices
are higher. The Central Bank's presence was not felt on the MICEX Tuesday," Zhukov said.
The euro looks rather firm at $1.225 on the international Forex market, he said. "The market has stabilized at
this level and seemingly will continue to grow in the next few days. Correspondingly, euro/ruble fluctuations remain
moderate for now," he added.
The dollar climbed 2.25 kopecks to 28.9981 rubles/$1 in Today deals and 2.13 kopecks to 29.0117 rubles/$1 in Tom
deals. The maximum price deal was made at 29.041 rubles/$1.
A total of $854.378 million changed hands Tuesday, including $443.277 million in Today deals and $411.101 million in
Tom deals.
In euro/ruble trading, the euro rose 9.25 kopecks to 35.5058 rubles/EUR1.
Banks traded EUR 5.687 million in 169 deals. [RU ASIA EUROPE EMRG EEU FRX CEN BNK INSI] me
[Interfax] |
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