Following the results of the single trading session at the Moscow Interbank Currency Exchange, the weighted average dollar/ruble exchange rate grew by 3.86 kopeck and reached 29.1405 rubles per $1 at 11.30 Moscow time. The market activity stayed at an average level, the trade volume did not exceed $150 million.
According to dealers, the Central Bank started with buying the currency at the rate of 29.14 rubles per $1 right after opening.
At the single trading session with "today" settlements the exchange rates ranged from 29.11 to 29.14 rubles per $1. By the mid-day this range practically remained the same. US$1 with "tomorrow" settlements ranged from 29.135 to 29.145 rubles.
According to MDM-bank's senior dealer Petr Neymyshev, the market is controlled by the Central Bank and all its movements lie within the framework of the Central Bank's policy on strengthening the ruble's exchange rate in 2004 by no more than 7%.
Mr. Neymyshev pointed out that there were no economic conditions for the dollar/ruble rate's growth: oil prices were high, currency income in the form of currency receipts exceeded customers' demand. And certainly, the market will not run counter the Central Bank's policy, he added.
Besides, experts note the high demand for rubles associated with the tensions in the banking sphere. For example, the rates on the interbank ruble credits market reached 7-8% on Monday, in spite of sufficient fund balances on the banks' correspondent accounts in the Central Bank in the amount of 208.8 billion rubles.
