Tuesday, October 26, 2010

Energy deals pressure rouble

By IRA Iosebashvili and Jacob Gronholt Pedersen

Ruble Monday hit its lowest levels for the month against the dollar and a minimum of nine months against entering with players in the market a series of transactions by energy companies have raised the demand for dollars and weakened the Russian currency basket.

The rouble was 1.5% against the dollar as low as 30.62, its lowest level for octobre.Contre trade dollars and euro, the currency basket has lost 0.2% to 35.85, its lowest level since the beginning of January.

Once regarded as a high flyer, erased ruble almost all its earnings for the year in the month, while other currencies merchandise to magnet with the price of oil, which is now at the top of its recent trading range to $83,000 per barrel of Brent crude.

"There are several ongoing transactions where exporters need dollars to finance purchases of shares and assets," said Alexei Borichev, a distributor to ING in Moscow."As a result, these companies are not exchange their export dollars for the local currency," creating a demand for foreign currency and weaken the rouble.

TNK - BP Ltd. - a joint venture between BP and a group of Russian billionaires - said Monday that it had agreed to pay oil major $ 1.8 billion for the Venezuela assets U.K. and Vietnam.No 1 producer of oil the Russia of OAO Rosneft agreed last week to pay $ 1.6 billion for a participation of 50% in the refinery German Ruhr Oel GmbH company, oil State Venezuela Petroleos de Venezuela SA or PdVSA.Depuis August, producer of oil Russia OAO Lukoil Holdings plus-second spent 5.82 billions of dollars to buy 12.6% of its own shares United States oil ConocoPhillips majeur.La Russian society did not exclude purchasing shares of the company American.

Ruble weakness Monday was also a reflection of the rise of the dollar against the euro, said dealers.

This entry transmitted via the service for full-text RSS - if this is your content and you read on someone to another site, please read our FAQ page fivefilters.org/content-only/faq.php
Article five filters features: After Hiroshima - non-rapport Cancer Catastrophe of Fallujah.


View the original article here

No comments:

Post a Comment