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Rouble nosedives
MOSCOW. Oct 6: The rouble nosedived on the Moscow in-ter-bapk market as inflationary fears rose, losing 140'points or 5.2 per cent to close at 2.808 roubles to the dollar on the Moscow Interbank Market (MICEX).
The greenback traded at 2.668 roubles yesterday.
Demand for the greenback was particularly high on Wednesday, totalling 365.85 million dollars at the opening. Supply was much lower at 105.85 million dollars, and 49.9 million dollars were finally exchanged. Operators said the dollar supply came almost solely from the central bank. ,
The dollar has appreciated more than 20 per cent against the rouble over the past two weeks.
The rouble has been battered on the Russian Interbank Market since September 22. Commercial banks’ demand for dollars is high and the central bank is forced to intervene to try to prop up the currency even though the bank's reserves are dwindling. They were down to 4.5 billion dollars in mid-September against seven billion in the summer.
"None of the ways used by the central bank to support the currency has succeeded" and "intervention is expensive." commented MICEX analyst Igor Dorinin. Those ways include market Intervention and artificially cutting the rou-
ble partly to satisfy demand for dollars.
Starting last spring, rouble depreciation was regular and ■ controlled at around five per cent a month, but the situation became tenser in August and the pressure intensified in mld-September the currency lost 5.3 per cent of its value of September 22 alone, then 6.3 per cent six days later, and now 5.2 per cent.
This means that in Just two weeks, the dollar has appreciated by more than 20 per cent against the rouble.
"The population no longer have confidence in the government's financial policy, and inflationary expectations have reappeared.'' Dorinin said. "Rouble wages are immediately changed into dollars." And he added that the rouble's fall will "have a direct influence on inflation."
After monthly Inflation of four per cent in August, the lowest monthly rate since the start of reforms in January 1992. prices jumped by 7.7 per cent in September, and experts expect stronger inflation in the next few months. ■ They say the production situation is forcing the government to yield ground on the inflation front.
Tuesday's speech by Pre sldent Boris Yeltsin referring to an impending ministerial reshuffle intensified worries, one market operator commented.