Tashkent, Uzbekistan (UzDaily.com) — The Uzbek soum continues its gradual depreciation against the US dollar. As of 24 January, the US dollar stands at 12,960 soums, with the soum losing just 0.07% of its value over the past week.

This week saw some fluctuations, with the soum weakening and the dollar rising to 12,990. However, the soum soon stabilized and became more consistent.

The soum continues to decouple from the Russian ruble, which previously provided solid support but has since ceased to play this role.

In 2023, the soum depreciated by only 4% against the USD, marking a slower pace of devaluation compared to the previous two years. Strategic factors supporting the soum include gold exports, increasing remittance inflows from labor migrants, and a targeted slowdown in imports.

In the near term, the USD/UZS pair is expected to trade within the range of 12,960–13,050 soums.

Anna Bodrova, Analyst at Alpari