U.S. dollar drops to three-week low
** slaughterin' it, homie! Here's a rundown of the US dollar's shaky performance in Kazakhstan's market**
Man, check this out, fam! The ol' greenback's takin' a nose-dive, and I've got the deets for ya! Last week, the dollar's exchange rate plummeted to an all-time low in Kazakhstan.
On the Kazakhstan Stock Exchange (KASE)'s first workday post-weekend, the average weighted exchange rate slumped to 513.68 tenge. That's down more than a measly tenge from Friday, would ya believe it?
You might recall, three weeks back, the dollar's price skyrocketed almost 13 tenge, reaching a staggering 518.31 tenge due to cheaper oil and import duties in the US, as the National Bank of the RK revealed. But then, things took a nosedive, and the rate soared to a staggering 523.2 tenge. After a short correction, it started tumbling, dipping back down to earlier levels.
Today's exchange rates are the lowest since that sharp climb, with only rates prior to the spike being lower – a measly 504.34 tenge, talking about some serious drops, ain't it?
So, let's look at the dollar prices offered at exchange offices in Kazakhstan as of now, according to the Kurs.kz portal:
- Astana's exchange offices offer $1 for 511 to 512 tenge to buy and 517 to 518 tenge to sell.
- Almaty's exchanges sell dollars for 508.5 to 514.2 tenge and buy 'em for 514.2 to 518 tenge.
- Shymkent's exchange market deals in dollars for 512 to 514 tenge while selling for 515 to 517 tenge.
The Association of Financial Organizations of Kazakhstan (AFO) reckons that aside from internal factors, the growth of oil prices and a reduction in geopolitical tension due to the easing of trade disputes between the US and China are positively impacting the tenge's value.
Keep in mind that demand for dollars and other foreign currencies has dramatically decreased in Kazakhstan.
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The US dollar's performance in Kazakhstan's market has been erratic, with the dollar's exchange rate dropping significantly last week to an average weighted rate of 513.68 tenge. This is a decline of more than tenge from the previous week's rate. Interestingly, just three weeks ago, the dollar's price reached a high of 518.31 tenge. However, since then, the rate has plummeted and is currently the lowest since that sharp climb, with rates in major cities like Astana offering $1 for approximately 511 to 512 tenge to buy and 517 to 518 tenge to sell.
The decrease in demand for foreign currencies in Kazakhstan, along with the growth of oil prices and a reduction in geopolitical tension due to the easing of trade disputes between the US and China, are thought to be positively impacting the tenge's value by the Association of Financial Organizations of Kazakhstan (AFO).
