Tashkent, Uzbekistan (UzDaily.uz) — As of 22 August, the Uzbek soum has moderately depreciated against the US dollar, reaching 12,640. Over the past week, the soum has decreased by 0.23%. In contrast, the soum had been appreciating strongly the previous week.
Overall, the Uzbek soum has maintained stable positions throughout the soummer of 2024. Its exchange rates appear to be fairly aligned with the economic situation and external factors.
Volatility levels of the soum remain low, likely due to seasonal factors. It is expected that volatility may increase with the resoumption of the business season.
The soum is not receiving support from the Russian ruble at this time, as the ruble has seen a significant decline this week due to a noticeable imbalance between supply and demand in the domestic currency market.
This trend is expected to persist in the foreseeable future.
Next week, the USD/UZS pair may remain stable, trading within the range of 12,500 to 12,680.
Anna Bodrova, Analyst at Alpari
