17 June 2004 00:08
DOLLAR STAYS AT 29.02 RUBLES TUESDAY
MOSCOW. June 15 (Interfax) - The situation in the dollar section on the Russian currency market on Tuesday did not
change significantly thanks to the tough stance of the monetary authorities, who restored ruble liquidity by buying
dollars from banks.
By the end of trading on the MICEX the dollar was at 29.02 rubles, the level at which the Russian Central Bank has
been buying dollars for a number of days.
the dollar during tomorrow trading on the MICEX, thereby trying to
saturate the market with rubles. "The interbank rate has changed
The euro gained slightly against the ruble, to exceed 35 rubles, following its positive dynamic on the international
Forex market.
International Industrial Bank dealer Dmitry Lipin told Interfax that the Central Bank is continuing to buy currency
at 29.02 rubles to
As regards the positive dynamic of the euro, this currency started
to gain on the dollar on the Forex market after U.S. statistics for
insignificantly compared with last week due to the closing by a number of banks of their limits for each other and a
reduction in trading operations," he said. "The interbank rate for large banks on Tuesday amounts to about 7%
per year and the spread between the level of small banks remains high," he said.
MDM Bank dealers also said that despite the relative stability on the interbank market on Tuesday, the cost of ruble
credits for large banks is much lower than for mid-sized and small banks. "This spread is not as wide as last week,
liquidity is being restored, albeit slowly. I think that in the coming days there will continue to be problems with
rubles, especially given the approaching tax payments at the end of the month," MDM Bank dealer Tomofei Doskovsky
said.
"With the approaching end of the month banks will be more cautious about ruble spending, but problems with
liquidity will more than likely not affect large banks, but only those with fewer exporter clients," Lipin
said.
April showed a record trade deficit - which increased to $48.3 billion, higher than all forecasts, as analysts
expected the deficit to be at $45 billion.
The dollar immediately began to fall against all currencies and the euro exceeded $1.21 on Tuesday. "The dollar
may receive some support from expectations of a more rapid increase in interest rates by the Federal Reserve, but the
market is already almost ready for this turn of events," Doskovsky said.
The average rate for today dollars at the unified trading session on Tuesday fell by 0.38 kopecks to 29.0149, while
tomorrow dollars fell by 0.15 kopecks to 29.02 rubles. The minimum price for deals was 29.01 rubles to the dollar.
Total dollar trading on the MICEX amounted to $747.96 million. Of this total, $287.068 million was in today trading
and $460.892 was in tomorrow trading.
In the euro sector on the MICEX the European currency gained by 16.88 kopecks to 35.0173 rubles to the euro. A total
of 174 deals were carried out for 5.991 million euros.
[Interfax] |
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