Uzbek soum Weakens Against US Dollar Amid Gold Decline

Tashkent, Uzbekistan (UzDaily.com) — As of 11 June 2026, the Uzbek currency market recorded a noticeable decline in the value of the national currency against the US dollar.

Over the past week, the soum weakened by 0.70%, bringing the exchange rate to 12,049 soums per US dollar on the country’s currency exchange.

Analysts note that this movement has interrupted a period of relative stability for the Uzbek currency.

According to Alpari analyst Anna Bodrova, the key driver of the shift has been a reversal in global macroeconomic conditions. International financial markets have seen a strengthening of the US dollar, accompanied by reduced investor appetite for risk, which typically puts pressure on emerging market assets.

At the same time, conditions in the commodities market have also weighed on the soum. Global gold prices have corrected to their lowest level in seven months.

For Uzbekistan’s economy, fluctuations in gold prices are significant, as gold is one of the country’s main export commodities. Lower prices reduce foreign currency inflows and weaken support for the balance of payments.

As a result, the supply of US dollars in the domestic market has declined, increasing sensitivity of the exchange rate to import demand and corporate currency needs.

An additional domestic factor cited is a gradual recovery in demand for foreign currency, combined with the fading impact of earlier support factors that had strengthened the soum, such as high export proceeds.

According to the analyst, the USD/soum trading range in the coming week of June is expected to remain between 11,950 and 12,120 soums.