Tashkent, Uzbekistan (UzDaily.com) — The Uzbek soum has moderately recovered against the US dollar. However, it is worth noting that the correlation with the Russian ruble is not significantly helping the currency of Uzbekistan. While it somewhat cushions the impact of the strengthening of the dollar and euro, it does not eliminate it completely.

As of 18 April 2025, the US dollar is worth 12,955 soums. This means that, over the past week, the som has strengthened by 0.10%.

The previous week, it fell by 0.53%. Current movements appear positive, though they do not fully offset the effects of the previous wave of the som's weakening.

The domestic news background remains stable. According to the latest data, in March, Uzbekistan's gold and foreign exchange reserves reached a record high of US$47.85 billion, which is 6.48% higher than February levels. Uzbekistan's foreign currency reserves in March amounted to US$882.4 million, showing a solid growth trend last month.

All of this provides comprehensive support for the som's exchange rate.

Since the beginning of the year, the som has depreciated by 0.43% against the USD. In the new week of April, the USD/som pair is expected to move within the range of 12,940–13,000 soums.

Anna Bodrova, Analyst at Alpari