Tashkent, Uzbekistan (UzDaily.com) -- By 28 June, the position of the Uzbek soum had improved. One US dollar is 12,550 soums. This means that during the week the soum grew by 0.71%.

Currently, we can say that the soum is the beneficiary of the strengthening of the Russian ruble. There is a strong correlation between currencies. This factor does not relate to strong fundamental aspects. 

This means that the current strengthening of the soum is local in nature. This week, the ruble exchange rate against the US dollar and the euro currency has actively increased due to the passage of the peak phase of the tax period in Russia.

Among the long-term risks for the soum, there remains the factor of uncertainty regarding foreign trade operations of Uzbekistan.

It is expected that in the next week the dollar/soum pair will trade in the range of 12450-12650 soums.

Anna Bodrova, Alpari analyst