Rouble, stocks up after worst one-day fall in 6 weeks
* Rouble rebounds after heaviest sell-off since mid-Sept * Oil prices remain supportive * Stocks rise, await more news from Greece and U.S. By Andrey Ostroukh MOSCOW, Nov 2 (Reuters) - The rouble firmed versus the dollar and stocks rose at Wednesday's opening after showing the worst daily fall in six week as the global risk aversion faded but uncertainty around Greece bailout remained in focus. The Russian central bank's decision to raise 2011 capital outflow forecast to $70 billion, up from the latest official government forecast of $50 billion, also dented investors' sentiment towards Russia, although steady oil prices at around $110 per barrel remained supportive for the market. By 0645 GMT, the rouble firmed 0.4 percent to 30.67 versus the dollar after hitting 30.99 a day ago . Export-focused companies have helped the rouble recover by selling dollars at nominally high levels at around 31 per dollar, said Igor Akinshin, a dealer at Alfa bank. The rouble was flat versus the euro at 42.14 and firmed 0.15 percent to 35.83 versus the euro-dollar basket , the currency market benchmark for the central bank. "The fact that the basket did not rise much higher than 36 rouble shows the market is not panicking and sees no reason to take more long positions in foreign currencies," said Akinshin. "I don't see massive negative factors for the rouble right now," he said, adding the market will again focus on Greece after the country called for a referendum on a European Union debt bailout plan. The U.S Federal Open Market Committee (FOMC) meeting will be also watch for clues on steps the world's largest economy will take to restore its fragile financial system. The dollar-traded RTS index rose 1.56 percent to 1,508.1 points and the more liquid rouble-based MICEX added 1.51 percent to 1,478.3 points after falling nearly three percent the previous session. "The upside potential of the market is very substantial. We expect the MICEX index at around 1,650 points in early December," analysts at Zerich Capital Management said in a note. The debt market could also recover to levels seen before the U.S. rating downgrade in early August, taking yields of Russia's 30-year benchmark Eurobond further down from 4.35 percent . Russian Markets Latest Net % Change Change Change on year STOCKS MICEX 1478.30 22.01 1.51 -12.42 RTS 1508.12 23.14 1.56 -16.30 London ADRs 839.86 -39.83 -4.53 -14.98 Emrg Mkt Indx 970.73 2.04 0.21 -15.69 MSCI Russia 299.78 -0.13 -0.04 -9.33 Sberbank 79.00 1.80 2.34 -24.17 VTB 0.07 0.00 1.85 -28.76 Gazprom 177.96 3.16 1.80 -8.03 LUKOIL 1760.40 20.20 1.16 1.06 Rostelecom 158.01 0.61 0.39 1.45 Dollar/Rouble 30.69 -0.11 -0.35 0.40 Euro/Rouble 42.13 -0.01 -0.01 3.51 Rouble basket 35.84 -0.06 -0.17 2.02 DEBT Bid Ask %Rtn Coupon Russia 10-yr bond 8.64 8.03 0.55 7.60 MONEY MARKET Bid Ask Close Overnight rate 4.75 5.25 4.25 All data taken from Reuters at 0645 GMT (Reporting By Andrey Ostroukh; Editing by Kavita Chandran)
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