Despite a sharp drop in global oil prices, the Kazakh tenge unexpectedly strengthened against the US dollar. At the close of trading on the Kazakhstan Stock Exchange (KASE), the weighted average dollar rate fell by 2.58 tenge to 473.40 tenge, reports infohub.kz.
According to KASE data, the weighted average dollar rate stood at 473.76 tenge, down from 475.98 tenge the previous day. During trading, the low was 470.27 tenge per dollar, the high was 476.59 tenge, and the closing rate was 475 tenge. Total trading volume reached $433.5 million, with 1,246 transactions.
At exchange offices in Astana and Almaty, the maximum selling rate for the dollar reached 477 tenge by evening.
Meanwhile, the oil market came under pressure on Monday. After an initial rise, Brent crude prices fell sharply by more than 6% during the day, dropping to around $87.6 per barrel before recovering some losses. By 5:30 p.m. Astana time, the price had bounced back to $90.44 per barrel, still down $6.33 or 6.54% from the previous level.
Today it was announced that exports of Kazakh oil via the Caspian Pipeline Consortium (CPC) have resumed after drone and boat attacks. CPC had suspended loadings on July 20 after a drone attack on a tanker near its marine terminal. CPC is the main export route for Kazakh oil, accounting for over 80% of all exports.