Tashkent, Uzbekistan (UzDaily.com) — The Uzbek soum continues to exhibit weakness against the US dollar.

The decline has been observed for two consecutive weeks, following a two-week phase of appreciation for the soum. As of 26 September, the US dollar is valued at 12,747 soums, marking a 0.10% decrease over the week.

This decline is not as significant as the weakening seen the previous week, but the trend is becoming more pronounced, suggesting less favorable prospects for the soum.

One potential trigger for the depreciation of the soum could be the ongoing weakening of the Russian ruble, as there is a strong correlation between the two currencies.

In the Russian over-the-counter market, the ruble has remained predominantly weak this week, similar to the last, primarily due to negative expectations regarding the inflow of oil and gas revenues into the budget.

In the long term, fundamental pressures on the sum's exchange rate are influenced by Uzbekistan's external trade balance.

The upcoming week for the dollar/soum pair is expected to fluctuate within the range of 12,730 to 12,800.

Anna Bodrova,

Analyst at Alpari