USD/KZT at closing of the day - 139.00/10 (indicators)

/IRBIS, Jan.10, 00/ - According to REUTERS, at closing of interbank currency market of Kazakhstan on January 10 tenge quotations towards US dollar equaled 139.00/10 tenge per dollar. Compared to the results of the previous day tenge lost 28 points against US dollar on demand and 30 points on supply. In main (morning) session weighted average rate of the dollar with TOD terms equaled 138.90 (+0.18) tenge per dollar and closing quotations - 138.88/89. At closing of additional day session with TOD terms (3:00PM Almaty time) dollar was at 138.94/99 tenge per dollar. In the evening trades with TOM and SPT terms dollar was not quoted. After closing of the Exchange trade dollar continued its firming in dealers' quotations in interbank market. It was more apparent immediately after the session ended at KASE. During the second half of the day each successive quotation of the American currency was higher than the previous ones. Spreads varied within a working interval of the market between 5 and 10 points. Demand of the BST for dollars are sustained lately by a sufficient level of free funds in their correspondent accounts. It is proved by low prices of the shortest money. Rates for interbank "overnight" deposits began to lower after a brief rise in the mid of the day. Quotations of this instrument were at 8/8 APR at 6:00PM. Another factor that caused active purchase of dollar by the banks in the beginning of the year is their obligations to their clients. The market did not work for a long time due to holidays, and by dealers' information, there are a big number of orders to buy foreign currency. The third factor - events in Russia. The next fall of the rouble to the dollar at United trade session of MICEX down to 27.7349 roubles per USD (by 50.43 kopecks) could do nothing but alert the dealers. Banks are securing themselves by closing short positions and simultaneously restoring the share of currency assets, which lowered somewhat because of holiday sales of cash dollars. Thus, the factors that exist in the market today imply on the trend rather than on accidental rise of the dollar. At the same time IRBIS analysts are not going to talk about forming of a new long term trend of the American currency in Kazakhstan. So far, activation of the BST at KASE looks like temporary and caused, mainly by last holidays, and their consequences. Growth in the price of the dollar at the Exchange above 139 tenge seems to be unreal, there is no deficit of currency in the market. In IRBIS specialists' opinion, dollar has all the chances to gain 10-20 points on Tuesday's trades at KASE. Based on the activity of the BST, demand has not been satisfied completely yet.