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  Friday, July 3, 2020
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The tense situation surrounding Gazprom shares has increased the dollar/ruble rate
The bulk of sales of the American currency fell on the second half of the Wednesday and initial hours of the Thursday trading sessions, dealers say. At the Moscow Interbank Currency Exchange Unified Trade Session, the dollar rate for tomorrow has grown by 1.49 kopecks to 29.2325 from Wednesday. The sales volume is $295.07 million. On Wednesday the news of the Duma interpellation on alleged illegal deals with Gazprom shares prompted its stock sale. According to traders, the news came as an "unpleasant surprise" for the market, the effect being felt not only on the share market. The currency market is the customary site getting an influx of investors' funds after such upheavals. Dealers say that in the second half of Wednesday the normal course of trade was perturbed by "speculative" purchases of currency mostly by foreign participants. As a result, the dollar UTS closed with a 1.26-kopeck growth of the average-weighted dollar rate to 29.2279 rubles to the dollar in comparison with the Tuesday figure. MDM-bank dealer Timofei Doskovsky said that mostly "frightened foreigners" were buying currency at 29.23-29.235 rubles/dollar on Wednesday. Currency was on the buy also on Thursday, though things were getting quieter and the demand for currency was subsiding, dealers note. Analysts say that one of the key reasons for calming the Gazprom shares sector is Russian Foreign Minister Alexei Kudrin's words that the gas and energy sectors hold priority for the government as regards reforming. In the opinion of Financial Bridge analysts, public admission of the unsatisfactory rate of reform of the sector and its priority let us hope a change for the better.
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