Dealers continued to boost dollar exchange rate at KASE

/IRBIS, Sept.03, 99/ - The next trades with US dollar, Deutsche mark and Euro were held at KASE. 24 banks participated in the trades. The trades were opened with the US dollar at 132.45 tenge per unit of the currency, and immediately went up under the influence of high demand from the banks of the second tier. At 27th minute exchange rate of American currency reached 132.58 without any obstacles. Second half of the session went in balanced market within narrow interval of 132.57 - 132.58 tenge per dollar: at this level all demand has been satisfied. The session was closed at 132.57/58. 171 deals were made with US dollars. The weighted average dollar exchange rate has made 132.56 (+0.27). Trade volume of the session - $12.135 mln (-$11.190 mln). Exchange rate fluctuation during the trade was 0.10%. One hour after closing of the trades at over-the-counter market of Kazakhstan dollar was quoted at 132.57/67 tenge per unit of the currency. One and a half hours later - 132.59/69 Today trades were characterized by high level of market monopolization and by insignificant volume of exporters' earnings sale. Most of the banks of the second tier restrained themselves by buying and selling small amounts of dollars while lion's share of market turnover was controlled by two participants. Also, 22 out of 24 dealers were buying dollars, but the number of sellers did not exceed 20. Demand was a lot higher than supply, especially in the first half of the session. Trend of depreciating tenge against dollar at average rate of 22.4% APR, which was formed during last 7 days, attracts banks and they persistently join the trades to boost American currency exchange rate. 8 deals were made with Deutsche marks. The weighted average rate has made 72.53 tenge for 1 mark (+0.83). Trade volume - DEM270 thousand (+240 thousand). At closing of the session Deutsche mark was quoted at 72.50/55 tenge per unit of the currency. No deals were made with Euro. Closing quotations - 141.40/95.