At the close of trading on the Kazakhstan Stock Exchange (KASE), the dollar stood at 465.75 tenge, nearly 1 tenge lower than the previous day. The national currency continues to strengthen, having gained about 9 tenge against the dollar since the beginning of August, reports infohub.kz.
The exchange rate fell by 0.15% in a day. Trading volume reached $363 million, with the minimum price recorded at 464.5 tenge. The weighted average rate settled at 465.82 tenge. In exchange offices, the dollar is sold at 467.5 tenge.
Analysts at the Association of Financiers noted in their morning review that the external backdrop for the tenge was mostly positive, particularly due to rising oil prices. Among internal factors, they highlighted preparations by major exporters for the quarterly tax period, as well as a steady supply of foreign currency through National Bank operations.
Experts at Freedom Broker point out that the dollar is trying to break below the lows recorded on July 9 and 23. Such a breakout could strengthen the tenge's position and underscore the dollar's persistent weakness against the national currency.
Earlier, it was reported that the National Bureau of Economic Research improved its forecast for the August exchange rate from 484.7 to 470.5 tenge per dollar.