Dollar sharply strengthened in Kazakhstan, may grow more - dealers

/REUTERS, Almaty, Tatyana Seroshtanova, June 10, 05/ - Friday change of dollar up to KZT134.0 at "interbank" in Kazakhstan embarrassed market participants, for whom it is difficult to comment do not exclude further growth of American currency till the end of the day. "We are moving up now at very small volumes, market now is confused and all is determined by client bids. Now the market does not have direction. I think, the market will trade at KZT133-134.30 per USD1", -said dealer of CenterCredit bank. "Actually we do not know why this is happening. We do not have supposition, that this is possible", - said dealer of one of the banks anonymously. Average weighted rate of Kazakhstan tenge decreased on Friday till 133.26 per dollar from 132.62 the day before. Volume of trades grew up to USD32.990 m. from USD23.400 m. on Thursday. However interbank quotations of dollar reached KZT134.00 per USD1 in the first half of working day. Some participants consider this situation temporary and assume that there is no real reason, which will bring to weakening of tenge. "I can assume that (dollar grows) importers buy US dollars, plus speculative constituent. Dollar till the end of the day may grow or fall", - said dealer of TuranAlem bank. According to dealers, National bank restrains sharp fluctuations of rate. On Thursday head of National bank Anvar Saidenov, characterizing currency market, said, that rate of tenge versus dollar, which is during several months is fluctuating in wide corridor due to absence of supply volume, is determined by speculators. [2005-06-10]