Tashkent, Uzbekistan (UzDaily.com) — The Uzbek soums has strengthened against the US dollar over the past week. As of September 5, the dollar has decreased to 12,630 soums from 12,660 soums the previous week, marking a 0.23% gain for the soums.

Previously, the soums had depreciated against the US dollar, which could be attributed to seasonal factors and the decline of the Russian ruble.

Currently, the soums is once again showing a positive correlation with the ruble. There is a stable correlation between the currencies. However, the strengthening of the soums is limited due to ongoing difficulties with foreign trade and its balance in Uzbekistan.

The volatility of the soums remains consistent with the seasonal trends and available information. Overall, the dollar/soums pair appears fairly valued.

In the coming week, the US dollar is expected to fluctuate within the range of 12,550-12,670 soums.

Anna Bodrova, Analyst at Alpari