Dollar in Kazakhstan grows Kazakhstanе due to speculations of "bulls" - dealers

/REUTERS, Almaty, Tatyana Seroshtanova, April 19, 05/ - Speculative moods of Kazakhstan currency market's "bulls" caused growth of dollar against tenge on Tuesday because of the considerable demand for USD, dealers say. Weighted average rate of Kazakhstan tenge on Tuesday at exchange's main session fell to 131.35 per $1 from 130.61 tenge yesterday. Trade volume fell to $8.830 m. from $11.335 m. on Monday. "There is a pure speculation of commercial banks. Probably, there is a client order", - Helyk bank's dealer said. "Demand is big: probably, a break with exported proceeds. Speculation...A can see no global reasons", - a representative of Alfa-bank Kazakhstan said. After closing of the main session at Kazakhstan stock exchange, where the National Bank, according to dealers' words, did not show its obvious presence, dollar quotations on interbank market remain within KZT131.40- 131.45 per $1. "I think these are, most probably, client purchases. Besides, there are redemptions of some banks' subordinate borrowings. I can't see any more reasons", - dealer of bank CenterCredit said. Market's participants do not exclude further strengthening of dollar till the end of the day, however they also verify appearance of sellers on the market, which can satisfy demand. "I think, together with demand there is offer and see that banks are selling", - Halyk bank's dealer said. Dealers do not make forecasts for a short-term outlook, however they do not exclude coming back to KZT130.00 per $1 by the beginning of May. "I think the market will go back to KZT130.00 per $1 - it will be the support level. I think this will occur within about two weeks", - dealer of bank CenterCredit said. [2005-04-19]