Tashkent, Uzbekistan (UzDaily.com) -- By 13 June, the exchange rate of the Uzbek soum managed to stabilize against the American dollar. A dollar costs 12,600 soums on the stock exchange. During the week the soum increased by 0.55%.

Last week the soum ended with a decline against the USD, and before that the soum had been rising in price for four weeks. In general, the stock exchange situation is still in favor of the soum.

A lot can change in the near future. Due to the sharp weakening of the position of the Russian ruble, associated with the situation around the sanctions restrictions of the Moscow Exchange, the soum is also capable of coming under pressure. There is a high correlation between the ruble and the soum.

The internal situation in the Uzbekistan market remains stable. The volume of foreign exchange supply seems sufficient to satisfy the demand of importers.

Globally, the parameters of the foreign trade balance can have a certain impact on the soum.

Over the course of the week, the dollar/soum pair may move within the range of 12600-12850 soums.

Anna Bodrova,
Alpari analyst