08 June 2004 06:51
CBR holds dollar at just over 29 rubles
MOSCOW. June 8 (Interfax) - The Central Bank of Russia contained ruble gains for a second day by buying dollars at
just over 29 rubles/$1 amid a ruble supply shortage.
After banks reduced lending limits on each other, ruble loan rates increased considerably, although tax payments are
not yet due, said Timofei Doskovsky of MDM Bank said. Interbank loan market rates for first tier banks were at 10%-15%
in the morning and at 20%-25% for second tier banks and it was difficult to receive loans even at these rates, he
said.
Players were forced to sell dollars and there were also client sales from exporters, which also put pressure on the
market. However, the Central Bank stepped in and bought dollars at 29.01-29.02 rubles/$1, but few were keen to sell
dollars to the Central Bank.
"Toward the evening the ruble situation began to improve, but market nerves and caution is likely to continue at
least until the end of the week. The monetary authorities are unlikely to let the ruble climb to under 29
rubles/$1," Doskovsky said.
The dollar slid 0.69 kopecks to 29.0208 rubles/$1 in Today deals and 0.89 kopecks to 29.0158 rubles/$1 in Tom deals.
The minimum price deal was made at 29.01 rubles/$1.
A total of $955.248 million changed hands Tuesday, including $307.814 million in Today deals and $647.434 million in
Tom deals.
The euro continued to climb on the international Forex market, where it topped $1.234 on Tuesday.
In euro/ruble trading, the euro rose 1.65 kopecks to 35.8007 rubles/EUR1.
Banks traded EUR 8.407 million in 199 deals. [RU ASIA EUROPE EMRG EEU FRX CEN BNK INSI] me
[Interfax] |
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