Tashkent, Uzbekistan (UzDaily.com) -- By 6 June, the exchange rate of the American dollar paired with the Uzbek soum increased to 12,670 soums. Over the week, the soum decreased by 0.47%.

The growth of the soum was observed for almost four weeks in a row, and now the trend is reversing. At the same time, there are no visible reasons for reducing the currency of Uzbekistan.

The position of the Russian ruble remains strong, which should support the soum. There is a strong correlation between currencies. The strong ruble previously significantly supported the soum exchange rate.

Apparently, a certain vacuum in the supply of foreign currency is emerging in the domestic market of Uzbekistan. At the same time, demand for it remains strong. This puts the soum under pressure. Previously, the expansion of dollar supply on the part of exporting companies during the tax period significantly stabilized the soum exchange rate.

The state of the country’s foreign trade balance for the soum remains a risk factor in the long term.

The dollar/soum pair may spend the next week in the range of 12650-12850 soums. The situation for the soum is somewhat worsening.

Anna Bodrova,
Alpari analyst