Rus News Journal

The bank of Russia has moved currency quotations

Bank of Russia has started to play on rouble strengthening: the yesterday`s statement of the first vice-president of board of the Central Bank of Alexey Uljukaeva in support of national currency has caused dollar exchange rate falling at once for 37 copeck, to 30,09 rbl./ $. The representative of the Central Bank has stood up for the Russian currency already after the massed purchases of dollar in the end of September have considerably weakened rouble. Further, according to experts, the rouble will become stronger and without the Central Bank help.
yesterday during the auctions on the Moscow Interbank Stock Exchange a dollar exchange rate with delivery tomorrow fell to 30,07 rbl./ $, and following the results of session has stopped on a mark 30,09 rbl./ $ that for 37 copeck below value of closing of Monday. Simultaneously the euro exchange rate has decreased for 15 copeck - to 41,562,615 rbl./ . As a result cost bivaljutnoj baskets has fallen for 27 copeck - to 35,25 rbl. Prompt falling of rates of exchange in home market was accompanied by the massed sales of dollars. The volume of the auctions on the Moscow Interbank Stock Exchange has made almost $5 mlrd that in 1,7 times exceeds an indicator of Monday.

on the rouble party yesterday there was a Central Bank. At the investment forum organised VTB the Capital the first deputy of the chairman of Bank of Russia Alexey Uljukaev has expressed doubts concerning the further easing of rouble. if we tell about very short-term prospect, chances of strengthening above, than on easing - mister Uljukaev has noted. Alexey Uljukaeva`s Words have worked as a trigger for those players who else doubted where the rouble will go further, having provoked game against dollar - the head of department dilingovyh operations of Nomos - bank Artem Gavrilov considers. The basic doubts concerning rouble were expressed by the western investors who were afraid of situation deterioration in the Russian economy. According to the head of department of trading in monetary market Nordea - Alexander Grushko`s bank, after the statement of the Central Bank non-residents became the basic sellers of currency while in the beginning of day internal investors prevailed. only after news occurrence on English-speaking tapes the rouble exchange rate has sharply gone downwards - the expert underlines.

representatives of Bank of Russia not for the first time this year make appreciable impact on a course of the currency auctions. In January and February mister Uljukaev some times made verbal attacks against the Russian currency. In April the head of Bank of Russia Sergey Ignatyev also has provoked rouble exchange rate speculation for the fall. The rouble continued to weaken, despite oil growing in the price: for last four days its cost has grown more than on 6 %. During the yesterday`s auctions cost of North Sea oil Brent has reached a point of $83,6 for barrel, the Russian oil of mark Urals has risen in price to $82,4 for barrel.

in the third quarter participants of the market connected Abnormal falling of rouble with considerable demand for dollars from corporate clients. In the fourth quarter of this year only corporate borrowers should pay more than $31 mlrd under external loans. Besides, in the end of September LUKOIL executed an option on purchase of own actions at Conoco (on $5,4 mlrd). Rusal has extinguished during too time the credit in $4,6 mlrd before the WEB OHM. this currency was got in the Russian market, therefore the rouble fell, despite external factors - the trader of the western bank explains. Thus the Central Bank did not conduct active actions for rouble exchange rate maintenance. As Alexey Uljukaev has informed yesterday, the Bank of Russia in September has sold in the internal currency market about $1,3 billion

Experts do not doubt that in the near future the rouble exchange rate will continue to become stronger and without Central Bank participation. The high prices for oil and for the raw goods, certainly, will promote rouble exchange rate strengthening - the executive director under investments " marks; Gazprombank - management of actives Andrey Zokin. By Denis Korshilova`s estimations, the dollar exchange rate can fall to 29,90 - 29,85 rbl./ $.