USD/KZT at closing of the day - 132.00 / 132.07 (indicators)

/IRBIS, Aug.17, 99/ - According to REUTERS, at closing of over-the-counter foreign exchange market of Kazakhstan on August 11 tenge quotations towards US dollar have made 132.00 (demand) / 132.07 (supply) tenge per dollar with the weighted average market's price of 132.05 (+0.03) and the quotes at closing of the session of 132.05 / 132.06. Compared to the results of the previous day tenge lost 11 points on demand against US dollar and 8 points on supply. After the trades at KASE the over-the-counter currency market fixed not significant strengthening of tenge. Price was by 5 points less on demand, and by 2 points more on supply than weighted average market's price. Comparison of quotations at closing of exchange market and closing of over- the-counter market gives approximately the same result. During second half of the day the spreads in the over-the-counter market were rather narrow (about 7 points), and the mean of the supply and demand prices was close to the KASE's average weighted rate. Passive quoting of US dollar in REUTERS was observed afternoon. Quotations of the "overnight" interbank tenge deposits changed at the level 2 (demand) and 5 (supply) APR that shows a sufficiency of free tenges in the market. The analysis of the Tuesday's exchange market allows to speak, that the tension is falls down a little. Fast (for the last time) growth of the dollar rate on Friday and Monday (29.2% p.a.) was replaced by the more smooth dynamics due to the National Bank stabilising influence. By the today's over- the-counter quotations, the dealers understand the National Bank position. Most likely, the trade on KASE on Wednesday will be opened at the level not above 132.05. By the IRBIS' analyst's opinion, the psychological factor was the most important during the first two days of current week. The Friday's growth of the dollar rate by almost 30 points was the starting shot for turn of the market tendency. Fairly fallen in price dollar is bought, and it is more difficult to stop this process now, than on Friday. The state securities market already reacted to this change of conjuncture in the currency market. The demand for MEKKAM-3 on Monday decreased fourfold, and for MEKAVM -3 on Tuesday - increased by 2.2. Rather high turnover of the short notes was observed in the secondary market on Tuesday. It is a quite unusual phenomenon, which points on the urgent restructuring of the investor's portfolios. On the whole experts of IRBIS mark, that the events of week will be indicative and will demand a steadfast attention for the dollar / tenge exchange rate forecasting. The authority is still interested in the tenge stability, but the devaluation expectations of the market have grown after August 13. The week's trades will show the compromise level of the dollar rate. Any forecasts are premature.