03 June 2004 06:03
Ruble continues to cede to dollar, Central Bank stands by
MOSCOW. June 3 (Interfax) - In conditions of excess ruble liquidity, the ruble continues to give ground to the
dollar. The dollar gained another two kopecks on Thursday while the Central Bank stayed on the sidelines.
Trades on the Moscow inter-bank currency exchange (MICEX) reached 29.0925 rubles/$1, corresponding to the level seen
at the start of the year. RosEvroBank dealer Roman Frolov said interbank loan market rates were 1%-2% per year for large
banks, which along with the lack of restrictive moves by the Central Bank helped the dollar to make further gains.
in the next few months the dollar will fluctuate at 28.9-29.15
rubles/$1, and going beyond that is possible only as a result of
speculation if the trend on the world oil market or Forex currency
"Not so long ago, the monetary authorities confirmed their readiness to keep real effective ruble exchange rate
strengthening within 7% for the year, which somewhat spurs the market to dollar rises. However, it should not be
forgotten that the Central Bank also has the job of not allowing excess inflation, the battle with which is going on
through ruble strengthening," he said.
"The longer the dollar is at levels higher than 29 rubles, the less hurtful to the market to slide back at the
end of the year. I think that
market changes," Frolov said. The dollar's weighted average exchange rate gained 2.6 kopecks from the
previous day to 29.0838 rubles/$1 in UTS Today deals, 2.1 kopecks to 29.0857 rubles/$1 in Tom deals.
A total of $747.34 million changed hands Thursday, with $463.362 million traded in UTS Today deals and $283.978
million in UTS Tom deals.
On the euro/ruble market, the average cost of the European currency again changed slightly behind the rate on the
Forex market. "The euro's dynamics on the international market on Thursday were weak. In Asian trading the
rate lows in the neighborhood of $1.22, where it remained the entire day," Frolov said.
There were 181 deals for a total of EUR 6.478 million on Thursday, the rate in UTS trading losing 12.78 kopecks to
35.5456 rubles/EUR1. [RU EUROPE EEU ASIA EMRG EUR FRX BNK CEN INSI] cf
[Interfax] |
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