Dealers forecast growth of dollar in Kazakhstan to KZT129.2

/REUTERS, Almaty, Tatyana Seroshtanova, April 7, 06/ - Dollar may grow more on Kazakhstan's currency market the next week within correction, dealers say, and forecast rate fluctuations within KZT128.70-129.20 per $1. "The next week, most probably, the rate will be within KZT128.50-129.00 per $1", - dealer of bank TuranAlem said. "Possibly, some buyers will be closing positions, they will buy dollars. But it's hardly probably that dollar will grow much - long-term trend - strengthening of tenge." Weighted average rate of Kazakhstan tenge at Friday's main session fell to 128.95 from 128.80 on Thursday. Trade volume grew to $39.740 m. from $26.760 m. one day before. "I think fluctuation corridor will be KZT128.70-129.20 per $1", - Aybek Burabayev dealer of bank CenterCredit said. As regards "bulls" activation, National bank has clearly marked resistance level - KZT128.70 per dollar, that's why during previous days there was a wide quotations range. "We think the National Bank makes interventions at 128.70. Market's speculative mood concerning the growing dollar is contained by the National Bank rather aggressively: it buys all volumes", - Burabayev said. Growth of dollar can also be explained by closing of some players' positions, that was also reflected in market's speculative mood. "Today the market is slow-acting. Yesterday it was interesting - there were big fluctuations", - Halyk bank's dealer said. "Trades were first held at KZT128.56-128.60 per $1, but the National Bank stood at 128.70, that's why the market went upward - deals were made at KZT129.10-129.15 per $1...In the evening we went back to morning positions - KZT128.83 per $1". As the whole, according to dealers, the market has become stable. [2006-04-07]