USD/KZT at the day closing - 138.00/20 (indicators)

24.11.99 00:00
/IRBIS, Nov.24, 99/ - According to REUTERS, at the moment of closing of Kazakhstan's OTC-market on November 24 tenge/dollar quotations have made 138.00/20 at the average weighted exchange rate of 137.76 (- 0.18) and session closing quotations of 137.75/80. By the dealers interbank quotations, tenge as against of the previous day closing decreased by 48 points on demand and by 61 points on supply. In contrast to the last days, after exchange trades closing the dollar quotation continued to grow, as it was on the exchange trade. At 4:00 a.m. Almaty time the demand price reached 138.15 tenge per dollar, than it remained practically constant to the end of the day. The supply price variation stipulated changes in spreads from 5 to 40 points. The market volatility was rather great, as the dealers quoted the dollar even in the evening. Before the day closing tenge increased to 138.00/20. The interrogation of the currency dealers has shown an unanimous valuation of the market. The dollar has been oversold yesterday's on KASE. Demand has not changed today, whereas supply has decreased sharply. Thus, today's dollar rise is just technical correction. Some traders approve, that the dollar strengthening has been caused only by the speculative trading of the some participants. Is remarkable, that no one from the respondents expects radical change of the dollar rate tendency in the near future. "The Market still looks downwards, tenge will continue to increase", - is a common opinion. The IRBIS experts suppose some dollar strengthening tomorrow within the continued correction. But more likely that tenge will increase again continuing the evening's tendency.