Ruble extends decline on negative externals, inflationary expectations
MOSCOW. Sept 16 (Interfax) - The ruble declined sharply against the Central Bank's currency basket on Thursday on lower oil prices and expectations of higher inflation. The value of the basket ($0.55 and 0.45 euro) rose 55 kopecks to 35.67 rubles. The basket has gained 95 kopecks in the past two days.
The dollar gained 37 kopecks in Tom deals on MICEX to 31.34 rubles/$1 and the euro added 77 kopecks to 40.97 rubles/EUR1.
The Interfax Center for Economic Analysis said the ruble decline was in part due to technical factors: when the currency basket topped the 34.70-34.72 rubles, it triggered foreign currency purchases as buyers closed their short positions.
The Central Bank raised its official dollar rate 28.16 kopecks to 31.0223 rubles/$1 and raised the euro rate 40.59 kopecks to 40.3166 rubles/EUR1.
The dollar's weighted-average exchange rate on MICEX rose 19.65 kopecks to 30.9655 rubles/$1 in Today deals and 19.66 kopecks to 31.0166 rubles/$1 in Tom deals. Combined dollar trading on MICEX amounted to $7.176 billion, of which $1.290 billion were Today deals and $5.886 billion were Tom deals.
The euro's average exchange rate rose 41.29 kopecks to 40.3173 rubles/EUR1 in Today deals and was up 43.69 kopecks to 40.4221 rubles/EUR1 in Tom deals. Combined euro trading amounted to 266.099 million euro, of which 97.703 million euro were Today deals and 168.396 million euro were Tom deals.
The MosPrime Rate for overnight loans declined 17 basis points to 2.74% pa.