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Most share prices rose on the Russian market Wednesday and some traders attributed the upsurge to the ruble's rally against the dollar.
"Prices are rising in dollar terms, but settlements are carried out in rubles as of the day the deal was struck. So dollar-denominated shares are often behind the ruble rise," Igor Pavlov of Aton brokers said.
The ruble jumped to a three-month high of 4,766 per dollar on the Moscow Interbank Currency Exchange on Wednesday, from 4,836 Tuesday, trading 7 percent above its all-time low of 5,130 to the dollar April 29.
Andrei Ippolitov of Olma said the market had simply livened up after a long holiday weekend.
He said traders were waiting for several Western investment funds to enter the market.
"That won't be much, but $50 to $60 million is quite a sum for us," he said.
Share Prices Turn Upward
15 June 1995
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