Tenge Strengthens Despite Sharp Drop in Oil Prices

NUR-SULTAN – The tenge has been strengthened despite a sharp drop in oil prices, reported the press service of the Kazakh Association of Financiers on Aug. 2. At today’s morning session, the USD/KZT pair is trading at 474.35 tenge per U.S. dollar. Meanwhile, Brent oil prices slumped 9.1 percent to $100 per barrel earlier this week.

At today’s morning session, the USD/KZT pair is trading at 474.35 tenge per U.S. dollar. Photo credit: afk.kz

At the July 29 session, the USD/KZT pair closed at 477.07 tenge per U.S. dollar (-1.79 tenge). Strengthening of the tenge in July took place amid rising oil prices, a declining U.S. dollar index and a positive on the world stock markets.

In July, the Kazakhstan Stock Exchange (KASE) index for the first time this year showed a significant increase of 10.4 percent.

The shares of Kcell (+32 percent), Kazatomprom (+21 percent) and KazTransOil (+20 percent) were in the highest demand.

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter and Telegram!