Kazakhstan Tenge Gains on KASE as Dollar Weakens
The Kazakhstani tenge strengthened on the Kazakhstan Stock Exchange (KASE) as the US dollar weakened. The average dollar rate fell to 465.25 tenge on April 6. This decline occurs even as oil prices rise globally.
Exchange Rates and Trading
On April 6, the average exchange rate of the US dollar on the Kazakhstan Stock Exchange (KASE) fell to 465.25 tenge, a decrease of 5.15 tenge from previous levels, according to Vlast.kz. Trading volume also declined by $81.93 million to $258.13 million. Meanwhile, the National Bank of Kazakhstan set the official dollar rate at 470.46 tenge. In Astana, exchange offices sold dollars at an average of 471 tenge and bought them for 464 tenge, Tengrinews reported.
Impact of Oil Prices
The strengthening of the tenge is attributed to rising oil prices, which constitute over 50% of Kazakhstan's export revenue, according to National Bank Chairman Timur Suleimenov. On April 6, Brent crude oil prices increased by $1.01 to $110.04 per barrel on the ICE exchange, while Light crude decreased slightly by $0.18 to $111.36 per barrel on the NYMEX. This increase in oil prices has led to a higher foreign currency supply in the market, contributing to the dollar's decline.
What's Next
The National Bank of Kazakhstan will continue to monitor currency fluctuations closely. It remains uncertain how long the tenge will maintain its current strength amid global market changes.
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Kazakhstan Tenge Gains on KASE as Dollar Weakens
