Tashkent, Uzbekistan (UzDaily.com) -- By April 25, the US dollar costs 12,670 soums. Over the week, the soum decreased by 0.04%. Over the past few weeks, this has been a standard “step” of depreciation of the national currency of Uzbekistan, the Alpari press service reports.

This week the dollar rose to 12,700 soums, but quickly corrected. Probably, such a jump in the strengthening of the USD is directly related to how the American dollar behaves on the world stage.

The soum is under pressure both from the external background with periodic risk aversion of investors, and from the previous wave of devaluation of the Russian ruble.

Considering that the ruble has been rising in price over the past couple of days, we can quite count on short-term stabilization of the sum as well.

Long-term factors for weakening the soum still remain in force. This is, first of all, a reduction in the supply of foreign currency on the domestic market: importers are in deficit, and this affects the position of the national currency of Uzbekistan. In addition, foreign trade indicators are declining, which affects the situation of exporters and their earnings. All this puts pressure on the exchange rate from a global perspective.

In the next few days, we expect a spot strengthening of the soum exchange rate, but then the main scenario remains its gradual decline.

Alpari