Tashkent, Uzbekistan (UzDaily.com) — The Uzbek soum’s appreciation against the US dollar is gaining momentum. As of February 27, 2025, the USD/UZS exchange rate stands at 12,870 soums, marking a 0.42% increase compared to the previous week.

Last week, analysts noted a lack of correlation between the soum and the Russian ruble, despite strong trade and economic ties between the two countries. However, the past week has demonstrated a clear and stable correlation between the two currencies.

The geopolitical situation favors the ruble. While uncertainties remain, expectations play a significant role in currency fluctuations. If relations between Russia and the West improve, Uzbekistan could also benefit economically.

In the near term, the USD/UZS pair is expected to remain within the 12,840–12,950 range.

Anna Bodrova, Analyst at Alpari