Dollar Nosedives vs. Ruble to Late 2000 Level
By Yelena Orekhova
RIA Novosti
Tuesday, January 24, 2006
http://en.rian.ru/business/20060124/43164295.html [1]
MOSCOW -- The U.S. dollar nose-dived against the ruble on the Moscow
Inter-Bank Currency Exchange Tuesday to the level registered in late
2000.
The dollar's swift fall to 27.9898 rubles to the dollar in Tuesday's
trading pushed the U.S. currency back to the level registered in
December 2000 when the dollar/ruble rate was about 27.93-27.97.
Since the start of 2006, the greenback has lost almost 50 kopecks,
Russian forex experts said.
Experts say the dollar is largely under the influence of external
factors but proportionally the dollar has weakened more considerably
against the ruble than against the euro.
"The dollar's fall versus the ruble was extraordinary," Yelena
Khrupova from BrokerCreditServis brokerage said. She added that the
dollar's depreciation was facilitated by the active sale of the U.S.
currency on the Russian forex market.
According to Khrupova, the dollar's plunge against the ruble showed
that the Central Bank of Russia was in no hurry to give a helping
hand to the U.S. currency. The analyst said the country's chief bank
was more concerned about maintaining ruble stability against the
dollar-euro currency basket and curbing inflation, which went out of
control in the first ten days of January.
On international forex markets, the dollar suffered a setback versus
the euro last Monday, losing 1.41% against the single European
currency and closing at $1.23 to the euro, the level registered in
September 2005, Vladimir Abramov, an expert with Globexbank said.
Abramov said the complex situation around Iran, the unprecedented
growth of gold prices and the narrowing spread between U.S. and EU
interest rates were the main reasons for the dollar's fall against
the euro. He added that investors' fears about the U.S. balance of
payments deficit also precipitated the greenback's decline against
the single European currency.
At the same time, Dmitry Baibikov from Moscow Industrial Bank said
the dollar would likely rise above the level of 28 rubles by the end
of this week and "only geopolitical events" can strongly influence
its dynamics.
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