The MICEX Unified Trade Session opened at 28.76-28.77 roubles to the dollar and the growth rate tendency surfaced at once with the market operators set to buy dollars. Unlike the Monday UTS, it was dealers who were buying the American currency while the Central Bank stood on the sidelines, market members say.
Peter Neimyshev, senior dealer at the MDM-bank investment board, explained that the key factors telling on the dollar growth rate on Tuesday were - the beginning of the month (when currency is not on sale), rather big rouble liquidity, election campaign in the United States.
By 11:30, Moscow time, the dollar tomorrow rate at UTS was 28.7778 roubles to the dollar, increasing by 1.27 kopecks from Monday. The today and tomorrow deals' total was about 300 million dollars.
In the opinion of experts, the low activity is an indication that the market is not expecting another round of the dollar strengthening, more so that the Central Bank keeps in hand the bulk of rate dynamics. "The market is where the Central Bank is", dealers say.
To Neimyshev, the market will not go beyond 28.8 roubles to the dollar and, eventually, "will subside to the CB level" - 28.765 roubles to the dollar.
The surplus rouble liquidity is attested by the growing balance of sums on the banks' correspondent accounts in the Central Bank - by 58.9 billion to 298.1 billion roubles, as well as rates not exceeding one percent on one-day interbank credits in roubles. The growth of rouble balances in correspondent accounts has been caused by massive dollar sales last week, the Prospect investment company explained.
The euro rate at MICEX has subsided by 21.99 kopecks to 36.5763 roubles to the euro. Experts link the decline to the European currency price reduction on the world currency market Forex.
The dollar/euro rate is growing due to the presidential election in the United States and is linked to the closure of short positions by market operators. Prospect notes that the present euro-dollar tandem situation is "very much politicised and depends on the outcome of the election in the United States".
