The dollar has come beggingDollar hands over one position for another. Speculators any more in a condition to hold vys
the Dollar has come begging
Dollar hands over one position for another. Speculators any more in a condition to hold highly US dollar exchange rate and try to get rid of it. Yesterday on a special session of the Moscow Interbank Stock Exchange the situation has not changed - the dollar remained at level 24,2 rbl./ $. However at the day auctions where sellers prevailed, the rate of exchange not only has fallen below level 25 rbl./ $, but also has decreased by the end of session to a mark 24,7 rbl./ $. Thus the volume of the day auctions has reached $77 million However, it is possible to expect that within the next few days so prompt reduction in price of dollar will end also it will stop the falling where - that around a present Central Bank rate.
the market of state bonds could become an alternative place where it is possible to direct free roubles. However, as one of the traders, the given market " was expressed now; it is absolutely dead “. At the falling dollar and not decreasing rests on corresponding accounts of commercial banks activity at the auctions of state credit obligations - federal loan bond remains the minimum. According to the chief of department of state credit obligations of National reserve bank Konstantin Demchenko, now participants of the auctions prefer bonds 22 - j to federal loan bond series. It, certainly, is attractive: one of the shortest, the most liquid, besides it “ an old kind paper “ not podvergshajasja re-structurings. Besides, at any moment “ it is possible to jump out of it “. Interest to 133 - j series of state credit obligations considerably oslab. Profitableness in 30 % annual, even considering small term of the reference of these papers, it is too low - a little above the depositary rate of the Central Bank for the same period. And yesterday volumes of the auctions on 133 - j series have fallen to 6,4 million rbl. large transactions are especially appreciable on this grey background. Yesterday on 30 - j “ Investment “ federal loan bond series the individual transaction in volume almost 1,5 million bonds (for the sum about 250 million rbl., or $10 million) is concluded. According to dealers, the transaction, most likely, was contractual, but hardly it was spent for the sake of gamble in this market. It is not excluded that the large debtor of the budget has risked “ to incur “ bonds, using any insider information. After all till now these papers cannot be used for debts repayment in the budget - the Ministry of Justice refuses to register the corresponding instruction of the Ministry of Finance (the previous number see). However, interest to purchase of so large package of state papers could arise and at the Russian banks with the foreign capital. As the buyer it is possible to imagine “ rajffajzenbank Austria (Moscow) “ which has declared recently intention to increase authorised capital stock to $165 million authorised capital stock Quarter (about $40 million) is possible to pay investment papers. On malolikvidnom the market enough insignificant efforts to lift quotations in two - three times. And if during this moment to use federal loan bond for payment of a part of an authorised capital stock $10 million enclosed in these papers, zachtutsja as $20 - 30 million In this situation the transaction is quite defensible.
in the market of corporate securities some revival yesterday was marked. In the beginning of day of special hunting to trade at traders it was not observed - quotations slowly decreased, and volumes of the auctions remained minimum. In second half of trading session activity has raised, and following the results of day of the quotation of some actions (“ Mosenergo “ “ Surgutneftegaz “ “ Irkutskenergo “) Have grown on 3 - 5 %. The Total volume of the auctions on the Moscow platforms has made $12 million According to the chief of department of share operations IK “ LUKOIL - a reserve - invest “ Aleksandry Erohinoj, increase in volumes of the auctions testifies that there is a new ascending wave of speculative character. The market remains on - former vysokospekuljativnym so the further movement of stock quotes will be defined by what will be news. While influence of two positive factors is felt. The question on granting of Russia of the credit of IMF is actually solved, and, as consequence, there are good conditions for negotiations about re-structuring of external debts with other creditors - London and Parisian clubs. Besides, moderately optimistic moods in stock market were caused by Evgenie Primakov`s visit to Belgrad.