Tenge weakens past 489 per dollar, analysts see further decline
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The Kazakh tenge weakened past 489 per U.S. dollar on June 15, extending its recent decline. Analysts at DKNews.kz project the currency could fall further in the coming days amid global market pressures.
Currency Slide
The Kazakh tenge traded at 489.2 per dollar on Monday, breaching the 489 threshold for the first time this month. The move follows a 2.3% decline over the past week, according to data from the Kazakhstan Stock Exchange. The National Bank of Kazakhstan has not intervened in the market since June 10.
Analyst Outlook
DKNews.kz analysts forecast the tenge could test 492-495 per dollar in the near term, citing weak oil prices and a strengthening U.S. dollar. Brent crude fell 1.8% to $71.20 a barrel on Monday, adding pressure on Kazakhstan's export revenues. The analysts noted that the tenge's fair value is around 485-490 per dollar based on current fundamentals.
June Tenge Decline
The Kazakh tenge weakened by 13.3 percent in June, ending the month at 470 per dollar, according to the National Bank of Kazakhstan. This represents a sharper monthly decline than the 2.3% weekly drop cited in recent reports.
What's Next
The National Bank may consider raising its key interest rate at its next meeting on July 10 to support the currency. It remains unclear whether the bank will intervene directly in the foreign exchange market before then.
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Tenge weakens past 489 per dollar, analysts see further decline
