Tashkent, Uzbekistan (UzDaily.com) — As of 29 August, the Uzbek soums has continued its decline against the US dollar, reaching 12,660. Over the past week, the soums has decreased by 0.16%, following a 0.23% drop the previous week.

Currently, the soums lacks support from a strong Russian ruble. The ruble remains under pressure in the Russian interbank market due to an imbalance between supply and demand for the currency in Russia. There is a correlation between the ruble and the soums, which is currently being observed.

Additionally, mixed signals from external trade indicators may be contributing to the pressure on the soums.

The volatility of the soums has been relatively subdued in recent weeks, a reflection of seasonal factors. As business activity resumes in September with the start of the new season, the situation may change.

Overall, the soums has remained relatively stable and resilient this summer.

In the coming week, the USD/UZS exchange rate is expected to fluctuate within the range of 12,620–12,680.

Anna Bodrova, Alpari Analyst