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In the MICEX Unified Trading Session, held today, the exchange rate of the dollar with tomorrow settlements was 30,2350 rubles as of 11:30, which is 13 kopecks less than yesterday's exchange rate of the dollar. Later, the exchange rate continued to fall. At 16:45, transactions were made at 30,21 rubles/1 dollar. As a result of the UTS, the exchange rate of the euro decreased by 10 kopecks to 35,82 rubles.
According to Alexei Osenmuk, deputy MICEX CEO, the decrease of the exchange rate of the dollar to the ruble was the expected reaction of the market to yesterday's decision of Moody international rating agency to give Russia the investment rating. The investment rating is expected to boost the inflow of foreign capitals and bring about the increase of foreign currency supply. This and the growth of hard-currency export receipts, because of high oil prices (28 dollars/barrel), help to strengthen the ruble. The activity of the financial market participants is very high, as Moody's decision to give Russia the investment rating increases the attractiveness of all Russian assets. Record turnovers (1,03 bln dollars) were registered yesterday in the MICEX market of corporate securities. Today, we have seen the reaction of the currency market.
The situation in the international FOREX market is another reason why the dollar is going down. The dollar continues to decrease relative to world leading currencies, first of all, the euro, which has been close to its peak value since mid June 2003 (1,182-1,185 dollars/1 euro).
