USD/KZT at closing of the day - 142.00/20 (indicators)

/IRBIS, Oct.06, 99/ - According to REUTERS, at closing of interbank currency market of Kazakhstan on October 6 tenge quotations towards US dollar made 142.00/20 tenge per dollar with the Exchange's weighted average price of 141.90 (-0.31) and the quotations at closing of the Exchange's session of 142.09/20. Compared to the results of the previous day tenge gained 10 points on demand against US dollar and 20 points on supply. Explicit firming of the tenge was observed around 2:00PM till 5:00PM Almaty time. Then tenge lost its positions against the dollar, and interbank currency market quotations of an American currency rose almost to closing level of Exchange trades. Spreads of interbank quotations varied from 6 to 55 points with an average 23: quite a wide variation, which have reached their maximum by 4:00PM Almaty time. Rates of interbank "overnight" tenge deposits did not change significantly today and by the closing have made 15 (demand) to 25 (offer) APR. Compared to previous day, based on the quotations, short money rose two times in price. Noticeable activation of the banks was observed in repo sector. Banks of the second tier were attracting money only for one day at 7 - 11% APR - more expensive than it was yesterday. Objective market indicators show the banks have problems with their short term liquidity, but - not all of them. This case, in opinions of IRBIS analysts, explains such instability of spreads, and quite nervous and instill interbank market in the second half of the day. The fact that the banks are involved only in one day transactions indicates the deficit of tenge is temporary. It is hard to make a certain forecast for tomorrow. IRBIS analysts are apt to say that the dollar exchange rate will not change significantly on the trades on Thursday and there is an equal chance of both increasing and decreasing. Volume of exporters' dollars will play a major role on the trades.