UPDATE 2-Russian rouble, bonds suffer after c.bank halts forex repos

1 Jun 2015 | Author: | No comments yet »

Ruble Slides to Five-Week Low as Russia Limits Supply of Dollars.

The ruble slid to a five-week low, extending last month’s decline, as the central bank suspended auctions for foreign-currency repurchase operations, adding to measures that have suppressed the currency’s rally. The ruble’s losses last month pared the world’s best currency rally as the Bank of Russia bought foreign currency after government officials said the ruble’s rebound had been overdone. Policy makers will probably cut the rate by at least 100 basis points in their fourth reduction this year as part of efforts to shore up the economy, according to the median estimate of 19 economists surveyed by Bloomberg.

The suspension of repos is “reasonable” given there isn’t a long-term need for foreign exchange, Tom Levinson, the chief strategist for foreign currency and interest rates at Sberbank CIB, the investment unit of Russia’s largest lender, said by e-mail. The ruble faces pressure from Russian companies that will pay as much as as $10.2 billion of foreign debt in June, more than double the level in May, according to central-bank data.

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