VIEWPOINT: Ruble could well see another stable session near 62-62.50 rubles/$1 - RDIF
MOSCOW. Jan 29 (Interfax) - The ruble could well see another stable trading day near 62-62.50 rubles/$1, Russian Direct Investment Fund (RDIF) chief economist Dmitry Polevoy said in a report.
A rather noticeable decline for the ruble on Monday was replaced by a marked recovery in trading on Tuesday: growth of 1.1% was the highest among principal EM currencies, the dollar rate fell to 62.30 rubles/$1 in respectable volume of $3.2 billion. This tendency was prompted by continuing sales by exporters, Polevoy said, but in the afternoon, a lead was taken by portfolio investors, who returned to the stock and bond markets on the side of the buyers. "Oil prices recovering to above $60/barrel also played a role," the economist said. "Coupled with an improved external trends, this is a positive factor for the ruble. Going forward, today's auctions by the Finance Ministry could also have an impact, if there is substantial interest from nonresidents. The OFZ 29011 worth 250 billion rubles is also being redeemed today, but these funds could to a great extend be reinvested in equities or bonds, without an impact on the ruble. In the end, the ruble could very well see another stable session near 62-62.50 rubles/$1," Polevoy said.
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