09 June 2004 11:47
Dollar edges up Wednesday
MOSCOW. June 9 (Interfax) - The dollar edged up against the ruble Wednesday, following a dollar climb on the
international Forex market and amid a drop in interbank loan market rates for large banks.
The dollar started to climb against major world currencies and, especially, against the euro, after Federal Reserve
Chairman Alan Greenspan indicated interest rates would go up soon and dealers now think that the rates could go up by
half a percentage point, said Sergei Romanchuk of Metallinvestbank. In addition, interbank loan market rates fell on
Wednesday, albeit only for the large banks.
"Interbank loan market rates for first tier banks dropped to 3%, but remained high for mid-scale and small
banks, reaching 30%" he said. "Banks have now reduced financing limits and even set some ceilings on
transactions," Romanchuk added.
Further dynamics will depend on the Forex market and ruble liquidity. "If the interbank loan market stabilizes
in the next few days and an attack on the dollar is resumed, the Central Bank will probably buy dollars again to stop
quotes from falling, because all forecasts by monetary authorities on the exchange rate remain unchanged," he
said.
The dollar rose 1.56 kopecks to 29.0314 rubles/$1 in Today deals and 1.47 kopecks to 29.0355 rubles/$1 in Tom deals.
The maximum price deal was made at 29.04 rubles/$1.
A total of $636.134 million changed hands Wednesday, including $397.154 million in Today deals and $238.98 million in
Tom deals.
The euro dropped to $1.2124 on the international Forex market Wednesday.
In euro/ruble trading, the euro slid 24.96 kopecks to 35.5511 rubles/EUR1.
Banks traded EUR 8.637 million in 215 deals. [RU ASIA EUROPE EMRG EEU FRX CEN BNK INSI] me
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