Tashkent, Uzbekistan (UzDaily.uz) – As of 8 August, the Uzbek soum has decreased against the US dollar to 12,635. Over the week, the soum has decreased by 0.51%. The week before, the soum had risen against the USD by 0.39%.
It can be said that the volatility of the soum has noticeably expanded.
This may be related to the trajectory of the Russian ruble. There is a correlation between the currencies. The ruble continues to find support from the tight monetary policy of the Bank of Russia with its high key interest rate. Currently, the rate remains at 18% per annum and is likely to stay at this level until the end of the current year.
At the same time, the soum could be under significant pressure due to the state of Uzbekistan's foreign trade balance.
Despite the recent decline, the soum has generally traded quite confidently throughout this soummer.
In the new week of August, the dollar/soum pair is expected to follow within the range of 12,550-12,680.
Anna Bodrova, Analyst at Alpari
