(Updates with late prices, central bank plan to step up foreign exchange sales next week)
Sept 6 (Reuters) -
The Russian rouble recovered from three-week lows on Wednesday after the central bank announced plans to step up foreign exchange sales next week.
By 1415 GMT, the rouble was at 97.92 to the dollar , barely changed on the day but comfortably above its session low of 98.34, its weakest level since Aug. 15.
Against the euro, it was flat at 104.89.
The central bank said it would sell 150 billion roubles' worth of forex in total between Sept. 14 and Sept. 22, equating to 21.4 billion roubles a day, up from 2.3 billion roubles previously.
It linked the move to the planned redemption of $3 billion worth of Russian eurobonds on Sept. 16, saying holders would be paid in roubles that some of them were expected to seek to convert into foreign currency.
The central bank made an emergency rate hike of 350 basis points to 12% on Aug. 15 after the rouble hit a 17-month low of 101.75 to the dollar, and has said it cannot rule out another increase at its next meeting on Sept. 15.
LocoInvest investment director Dmitry Polevoy said the central bank's forex sale announcement "at a minimum removes the risk of a 'breakdown' of the foreign exchange market and a sharp collapse of the rouble".
Promsvyazbank analyst Yevgeny Loktyukhov said the bank's decision "will help stabilise the situation on the foreign exchange market and will help keep the dollar below 98 roubles before the meeting on Sept. 15".
The central bank cancelled two OFZ bond auctions on Wednesday, citing a lack of bids at acceptable prices.
Anna Kuznetsova, deputy chairman of the board of Rosselkhozbank, attributed the lack of bids to expectations of a rate rise at the forthcoming meeting.
Russian stock indexes were slightly weaker.
The dollar-denominated RTS index was down 0.5% to 1,046 points. The rouble-based MOEX Russian index was 0.4% lower at 3,250 points.
For Russian equities guide see
For Russian treasury bonds see
(Reporting by Reuters; Editing by Kevin Liffey)
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2023-09-06 14:25:59Z
CBMiSmh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy8xLWNlbnRyYWwtYmFuay1jdXJyZW5jeS1zYWxlLTE0MjU1OTg4OS5odG1s0gFSaHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9hbXBodG1sL25ld3MvMS1jZW50cmFsLWJhbmstY3VycmVuY3ktc2FsZS0xNDI1NTk4ODkuaHRtbA
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