After a volatile start to the week, the Kazakhstani tenge has managed to stabilize. On Thursday, the US dollar closed at 540.72 KZT on the KASE exchange, marking a modest but meaningful rebound from earlier losses, DKnews.kz reports.
Still, market sentiment remains fragile. Exchange rate volatility persists, and global factors continue to exert pressure. In the commodity sector – one of the key benchmarks for the tenge – instability is also evident: Brent crude dropped to $71.81 per barrel, adding to the overall uncertainty.
Why Is the Tenge Fluctuating?
According to analysts, several major forces are influencing the tenge this week:
- shifting global risk sentiment
- an unstable trade balance
- declining export revenues
- the National Bank of Kazakhstan’s restrained market intervention
Against this backdrop, even a slight recovery is seen as a positive signal – especially heading into the weekend.
What to Expect on Friday
Preliminary forecasts suggest the following ranges for major foreign currencies on Friday, August 2:
- US Dollar – 535-545 KZT
- Euro – 605-620 KZT
- Russian Ruble – 6.65-6.80 KZT
- Chinese Yuan – 74-76 KZT
Looking Ahead
Market participants remain cautious. There are no strong signals yet for a sustainable strengthening of the tenge, but the underlying fundamentals – including inflation trends and the oil market – do not point to a sharp deterioration either.
That said, August is traditionally a high-demand period for foreign currency due to holiday travel and increased import payments, which will likely continue to weigh on the tenge.
