Russia's net daily yuan sales to ease in November
Adds detail from paragraph four onwards
Nov 5 (Reuters) -Russia's finance ministry said on Tuesday it would increase its purchases of foreign currency and gold in the month ahead, a move that will decrease the state's overall forex sales and remove some support for the rouble.
The finance ministry said its purchases of foreign currencies and gold for the period from Nov. 7 to Dec. 5 would amount to the equivalent of 87.5 billion roubles ($891.5 million), or 4.2 billion roubles a day.
In the previous period, between Oct. 7 and Nov. 6, the ministry had planned to buy foreign currency worth 71.8 billion roubles, or 3.1 billion roubles a day.
The ministry's FX interventions are carried out by the central bank, which is also conducting its own interventions: sales of yuan at the equivalent of 8.4 billion roubles a day. Net daily sales of yuan, therefore, will amount to the equivalent of 4.2 billion roubles a day in the November period.
Russia sells foreign currency from its rainy day National Wealth Fund under its budget rule to make up for any shortfall in revenue from oil and gas exports or makes purchases in the event of a surplus.
The central bank halted interventions in 2022 as Russia's currency markets gyrated following Moscow's invasion of Ukraine.
It resumed interventions with yuan in 2023, but halted them again in August 2023 to avoid aggravating pressure on the rouble, which was tumbling past 100 to the dollar.
Planned interventions in 2023 were deferred to 2024.
($1 = 98.1500 roubles)
Reporting by Darya Korsunskaya and Alexander Marrow; Editing by Kevin Liffey and Bernadette Baum
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