Dollar, euro edge up on MICEX Friday
MOSCOW. Jan 13 (Interfax) - The dollar and euro saw moderate gains on the MICEX Friday afternoon and the ruble slid against the bi-currency basket amid a drop in oil prices and continued declne in interbank loan market rates.
The dollar was at 31.69 rubles/$1 on the MICEX as of 3:00 p.m., Moscow time, up 13.7 kopecks from Thursday's close. The euro was up 9 kopecks to 40.54 rubles/EUR1.
Both currencies kicked the day off with appreciation - the euro reaching over 40.65 rubles/EUR1 before reducing its growth and the dollar gaining throughout the day. On Thursday the euro hit a 5-month low of 40.25 rubles/EUR1.
The Central Bank of Russia for the fourth straight day lowered the official dollar exchange rate and for the first time in four days upped the euro rate after the MICEX index session (part of the Tom session from 10:00 a.m., Moscow time, to 11:30 a.m.). The dollar was set at 31.583 rubles/$1 for the weekend and Monday, down 9.77 kopecks and the euro was raised 33.37 kopecks to 40.6189 rubles/EUR1.
The bi-currency basket ($0.55 and EUR0.45) climbed 11.5 kopecks to 35.67rubles.
Analysts attribute the foreign currency climb to a downward correction for oil prices. On Thursday evening, prices dropped to a low since December 30 following rumors that the European Union may postpone an embargo on Iranian oil imports for six months to give countries such as Greece, Spain and Italy find alternative supply sources. After an attempt to put prices up on Friday morning, February futures for Brent dropped to $110-111 per barrel and similar WTI futures on the NYMEX fell below $100 per barrel.
The overnight MosPrime Rate slid 5 basis points to 4.66%.