Uzbek Soum Remains Strong Against U.S. Dollar

Tashkent, Uzbekistan (UzDaily.com) — The Uzbek soum continued to strengthen against the U.S. dollar over the past two weeks, with the exchange rate reaching 11,965 soums per US dollar as of 4 June 2026.

According to market commentary by Alpari analyst Anna Bodrova, the soum has been appreciating steadily, pausing only during weekends, and currently appears relatively strong.

Trading activity in the U.S. dollar/soum pair remained elevated on 4 June, with market participants making rapid trading decisions and demand for the instrument staying high. The currency pair has also recovered quickly following its recent decline.

Bodrova noted that the soum’s appreciation has reached a level where a technical correction may be required to restore more balanced trading conditions.

Between 21 May and 4 June, the soum strengthened by 0.30% against the U.S. dollar.

Recent data show that Uzbekistan resumed gold exports in April after a six-month hiatus. Export shipments totalled approximately US$1.5 billion, although this remained significantly below the level recorded a year earlier. Overall exports declined by 16.8% during January–April, while the country’s trade deficit widened considerably.

According to the analyst, the impact of gold exports on the currency is mixed. Gold sales generate foreign currency inflows that can support the exchange rate in the short term. However, weaker export performance and a growing external trade deficit limit that support.

As a result, the influence on the exchange rate remains moderate, providing the soum with short-term support without creating conditions for sustained appreciation.

Bodrova expects the U.S. dollar/soum exchange rate to trade within a range of 11,920 to 12,100 soums during the following week of June.