Ruble, stocks fall continues as European markets slide again

The Russian markets fell to a new sixteen-month low on Tuesday and the ruble was down again, with banks hunting for dollars and dumping risky assets. The official rate of the Russian ruble with tomorrow settlement fell 9 kopecks against the dollar to 32.67. The value of the bi-currency basket, comprising $0.55 and 0.45 euros, increased 6 kopecks to 37.48 rubles as of 10:01 a.m. Moscow time, two kopecks short of the central bank's upper band of the currency corridor. The Russian ruble-denominated RTS stock index fell 2.44 percent to 1,260.18 by 12:30 Moscow time, while the index of the dollar-denominated MICEX exchange lost 2.60 percent to 1,309.71. "The positive dynamics of U.S. futures and some support for oil prices may later help Russian indicators claw back some losses," Aton-Line investment company said in a research note. "From a technical point of view, the indices are ready for a short-term bounce back from the lows after a serious fall, and investors are likely to look for the reasons for it." International oil prices rose slightly to about $101 per barrel, from nearly $100 on Monday. European Commission spokesman Amadeu Altafaj Tardio said late on Monday that debt-saddled Greece can avoid a default on its sovereign debt in October even without the next 8 billion euro tranche of a 100 billion euro bailout. That failed to calm nerves in Europe, where the FTSE100 fell 2.56 percent to 4,945.36, the DAX lost 3.31 percent to 5,198.53, the CAC40 went down 3.12 percent to 2,835.57 as of 12:30 a.m. Moscow time.