Tashkent, Uzbekistan (UzDaily.com) — The Uzbek soum has stabilized against the US dollar, reaching a rate of 12,775 soums per dollar by 31 October. Over the past week, the soum appreciated by 0.36%, an unusual trend given that it had depreciated the previous week and had been largely balanced before that.

The soum’s performance likely reflects factors such as the relative stability of the Russian ruble, neutral risk sentiment in international capital markets, and a stable domestic news environment.

A long-term risk factor remains the state of the foreign trade balance; however, this risk has generally already been factored into the current rates. Short-term expectations for the USD/UZS pair suggest a range between 12,750 and 12,830.

Anna Bodrova, Analyst at Alpari