Rus News Journal

The off-exchange currency market

Toughening of reserve requirements became an obstacle for dollar growth

Traditional for the end of month deficiency of rouble means became past week the defining factor influencing movement of dollar quotations.

deficiency of rouble means became a Major factor defining a conjuncture of the interbank currency market within the last week, traditional for the end of month. In the middle of the past week under the influence of growth of rates in the short-term monetary market of the quotation of Mezhbank today have decreased to the quotation of purchase of the Central Bank of Russia while quotations tomorrow remained near the top border of a day corridor of the Central Bank. However rupture between interbank quotations did not become how many - nibud considerable: in the beginning of the past week of the Central Bank began to narrow a spread, at first to 12, and then and to 10 points. Thus, by October, 31st the range of the resolved day course changes of dollar in the interbank market has returned to a minimum level which, however, for October has had time to become habitual for dealers.
by a weekend rouble rates have decreased that has led to rapprochement of quotations today and tomorrow, Central Banks again gravitating to the top side. Volumes of the off-exchange currency market, according to experts of the Interbank financial house, by a weekend were a little reduced: anybody from dealers has not dared to begin active dump of currency while purchase of currency owing to low profitableness of the market is not too perspective. We will notice that currency all - taki bought - pressure of the free rouble means in particular on a substantial scale deduced from the market of state credit obligations was too considerable. And still dynamics of the market remained enough languid both in the end of past, and in the beginning of new week.
the week gain of dollar has made as a result of only 7 points. Experts of Russian industrial bank notice that in immediate prospects the currency market with high degree of probability remains stable: the risk connected with operation of the president as well as obvious abundance of rouble means in the market, is substantially counterbalanced by opposite operating factor of increase in reserve requirements on currency bank passives. Banks should correct reserves by November, 11th: at the expense of management of currency resources it can be carried out only this week as banks of the USA do not work 10, on November, 11th. This rupture in work of banks is increased also by October holidays. So, the currency market can become more active to days off.
sharp splash in demand for cash dollars has occurred in passed days off that has caused growth of a course of sale of cash currency to 5482 rbl./ $, dealers of Probusinessbank mark. So, all dollar stocks in exchange offices have been settled long before their closing. However bankers notice that this situation is not typical now for the market.
in the beginning of current week which has coincided with the beginning of month, the new tendency was outlined. As well as usually in the beginning of new month, the raised demand for dollars has been noted. Presumably forthcoming truncated week this tendency will remain, as it will be the unique investment of means. And to risk and put up money in state credit obligations in connection with holidays dealers most likely not begin, waiting the next week.