MOSCOW, June 13 (Reuters) - The rouble fell to a near
three-week low against the dollar on the interbank market on
Thursday, albeit amid very low liquidity in pre-market trading,
after new U.S. sanctions on Russia forced the Moscow Exchange to
halt dollar and euro trading.
The unusual situation means access to reliable dollar-rouble
bid and ask prices is difficult to come by, as trading moves
exclusively to the over-the-counter (OTC) market. The central
bank will publish the official daily rate closer to 1400 GMT.
The dollar's previous close, on the eve of Wednesday's
national holiday, was 89.10 to the dollar. On the
interbank market, it reached as low as 91.4955 as some
banks took speculative positions ahead of the official launch of
bids.
New U.S. sanctions against Russia on Wednesday forced an
immediate suspension of trading in dollars and euros on its
leading financial marketplace, the Moscow Exchange.
The exchange and the central bank rushed out statements on
Wednesday within an hour of Washington announcing the new
sanctions aimed at cutting the flow of money and goods to
sustain Russia's war in Ukraine.
The central bank also suspended trading in the Hong Kong
dollar, which is pegged to the U.S. dollar, but was overall keen
to downplay the possible impact of sanctions.
"Over the past two years, the role of the US dollar and
the euro in the Russian market has been consistently declining,"
the central bank said on Thursday.
Banks, companies and investors will no longer be able to
trade either currency via the central exchange, which offers
advantages in terms of liquidity, clearing and oversight.
Instead, they will trade OTC, where deals are conducted
directly between two parties.
The central bank said dollar and euro turnover on the
OTC market had long exceeded their transaction volumes on MOEX.
"The new sanctions should not affect the rouble rate in the
medium term," said Yuri Popov, SberCIB Investment Research
strategist. "In the short term there may be high volatility and
wide spreads at exchange counters."
Major brokers have also blocked accounts in dollars, euros
and Hong Kong dollars, with deposits and withdrawals
unavailable.