Dealers - dollar strengthening is a short-term correction

/IRBIS, May 7, 04/ - REUTERS informs that domestic market dealers consider current dollar strengthening as a correctional trend. Thursday fall from 137.35 to 137.44 tenge was explained by lowering of dollar supply due to large inflow of foreign currency from banks borrowing and export proceeds. Currently there is slight correction of dollar rate - dollar flow from ATFBank and receipt of significant export proceeds accumulated on weekends has broke up, Denis Ryltsev, Alfa-bank expert reported. As is well know, ATFBank placed its debut 3-year eurobonds for $100 in late April. According to the dealers, this week tenge strengthening was based on high export and oil proceeds. Volume of trades fel from $42.51 on Thursday to $6.92 m on Friday. Market participants expect further dollar weakening in rest of May although assuming slowing pace of downward trend. Dealers also noted that dollar fluctuations on the next week will be between KZT137.10-138.00 per dollar. [2004-05-07]