Dollar hit new record low of KZT136.0

/REUTERS, Almaty, Tatyana Seroshtanova, June 8, 04/ - Dollar in Kazakhstan hit new record low of KZT136.0 per $1 and market participants expect further decline predicting fluctuations within a range of 136.60 - 134.60 per $1 in June. "We reached another low today. In compliance with technical analysis we are already oversold. KZT138.50 per dollar is the point from which to turn around. I think the channel for dollar in June will be between 136.60 and 134.60", Aibek Burabayev, CenterCredit bank's chief dealer, told. Tenge rose at main session of Tuesday from yesterday's KZT136.00 to KZT136.11 per dollar. Volume of trades grew 3.8 times and reached $61.01 million compared to $15.85 a day before. According to dealers, from early morning at interbank market the dollar was selling for KZT135.85. Major market player, the National bank, in its attempt to mitigate fluctuations prevented dollar from falling below KZT136. According to Burabayev's words, dealers in the morning was trading dollar at rates below the level, at which the National bank bought currency then. Before the Antional bank intervened, dollar was being sold at 136.00 to 135.85. Market participants don't rule the possibility of short-term correction, though quite confident about long-term tendency of tenge appreciation largely thanks to export. [2004-06-08]