USD/KZT at closing of the day - 137.90/99 (indicators)

/IRBIS, Dec.19, 99/ - According to REUTERS, at closing of interbank currency market of Kazakhstan on December 19 tenge quotations towards US dollar equaled 137.90/99 tenge per dollar. Compared to the results of the previous day tenge gained 1 point against US dollar on demand and lost 1 point on supply. In main (morning) session weighted average rate of the dollar with TOD terms equaled 138.01 (-0.04) tenge per dollar and closing quotations - 138.02/03. At closing of additional day session with TOD terms and the evening trades with TOM and SPT terms dollar quotations were absent. Vivid trends in moves of the dollar quotations in interbank market were absent in the afternoon. Some firming of the tenge immediately after closing of the Exchange's trades was compensated by an opposite move of the quotations by the evening. Variations of spreads reached 10 points, lowering down to 6-7 points sometimes. Based on the behaviors of the dealers, banks and their clients prefer to sell dollars lately. This has been demonstrated by today's trades at KASE. In dealers' opinion, this situation is due to beginning of payments of the bank clients to the budget. Taking into consideration this fact, it can be assumed the current trend in currency market of the country will last for next remaining weeks of the year. However, firming of the tenge should not be considered a long term trend. Currency market is balanced (and supported) now. Therefore, dollar exchange rate fluctuations in opposite directions are quite possible. It is interesting that budgetary payments are not making the banks to loose their short term liquidity: quotations for interbank "overnight" tenge deposits remained unchanged whole day today at 1/7 APR without sudden moves. In IRBIS specialists' opinion, tenge has more chances to firm rather than to lose some points at KASE trades on Monday. But the growth or falling rates of the national currency will not be significant.