Russia - Rouble falling as trading ceased twice

Описание: (25 Aug 1998) T/I: 10:39:13

Russia's currency market stopped trading twice on Tuesday (25/8). The rate of the US dollar against the Russian currency rose 10.99 per cent on yesterday's close, leaving a rate of 7.85 rubles to the dollar. Russian news agencies reported the demand for dollars exceeded supply by $350 million.

SHOWS:

MOSCOW. RUSSIA 25/08

ws exterior of Moscow Interbank Currency Exchange (MICEX);
ms trading session hall,
cu trader staring into computer;
cu billboard;
ms hall;
SOT Venyamin Simonov, head of analytical department, MICEX (Russian) "He is a known person (Chernomyrdin) with whose name traders are relating some financial stability which was reached during his time in the government. Yesterday's increase in the stocks' rates proves this. And the same process continued today. It is related with expectations that Central Bank policy will change soon due to limited financial resources. Those are needed to support currency's rate. That's why today's reaction of the market is related not so much with political but with mostly economic reasons."
ms trader staring into computer;
SOT Venyamin Simonov, MICEX (Russian) "And naturally trying to save capitals they are investing capitals into the most profitable actives. And at the current moment the most profitable active is US dollar. And all capitals are invested into it."
gv trading hall.

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