11 June 2004 05:49
Dollar closes week at 29.02 rubles
MOSCOW. June 11 (Interfax) - The dollar closed the week at 20.02 rubles thanks to support from the Central Bank of
Russia, which bought dollars at this level while the banking system faced ruble shortages.
"The Central Bank will probably continue to keep the local rock
bottom at around 29.02 rubles/$1 until the crisis in confidence is
The situation in the banking sector remains unchanged with credit lines shrinking and a considerable difference in
interbank loan market rates for large banks and for smaller banks, said Olga Kharlova of RosEvrobank.
The Central Bank's decision to reduce mandatory reserve
requirements to 7% and the refinancing rate to 13% should have a
resolved, and this is a question of more than week," she said.
The dollar climbed against the euro on Friday after a Federal Reserve official said interest rates would have to be
increased by more and earlier than expected if inflation begins to climb at a higher rate.
"The euro dropped to $1.1964, but then stabilized at $1.202. If the dollar continues to grow next week, pressure
on the dollar will ease on the Russian market and there could be a slight upward correction," Kharlova said.
positive impact on liquidity for smaller banks, Kharlova said.
The dollar dropped 1.92 kopecks to 29.0187 rubles/$1 in Today deals and 0.35 kopecks to 29.0215 rubles/$1 in Tom
deals. The minimum price deal was made at 29.005 rubles/$1.
A total of $524.387 million changed hands Friday, including $303.5 million in Today deals and $220.887 million in Tom
deals.
In euro/ruble trading, the euro fell 18.89 kopecks to 34.8485 rubles/EUR1.
Banks traded EUR 7.513 million in 189 deals. [RU ASIA EUROPE EMRG EEU FRX CEN BNK INSI] me
[Interfax] |
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