BAKU, Azerbaijan, Sept. 8
By Klavdiya Romakayeva - Trend:
The US dollar at the auctions of the Uzbek Republican Currency Exchange is growing for the third trading day in a row, Trend reports citing Nuz.uz information agency.
At the same time, the dollar renews its historical maximum for the second day in a row. The euro bounced back a little after Friday's repeat of the record.
In particular, according to the results of trading held on September 7, the USD increased by 0.07 percent, over the past three trading days - by 0.27 percent, since the beginning of the year it increased by 8.31 percent to 10,291 soums ($1.0022).
In total, on Monday, the volume of sales of the USD at the exchange auctions decreased compared to the volume of Friday transactions by 13.7 percent and amounted to $123.11 million, and European currency decreased by 41.4 percent amounted to €9 million.
Despite the correction of the US dollar in world markets, associated with the improvement of the epidemiological situation in the US, it tends to weaken further against other major currencies.
This is due to the deficit in the US trade balance, which reached its maximum value in the last 12 years in July and amounted to $63.5 billion, and excluding oil trade, it even reached $65.5.
The rate of the Russian currency against the dollar fell from 74.5 to 75.6 rubles per day, and euro fell from 88 to 89.6 rubles.
Russia is one of the main economic partners of Uzbekistan with a share of 15.9 percent in its foreign trade turnover in January-July 2020. In addition, the volume of remittances from the Russian Federation to the republic amounted to $3 billion in seven months.
As a result, the sinking of the ruble may affect the rate of the Uzbek currency, at least in the medium term.
But still, the probability of a significant devaluation of the soum is not so high due to the significant volume of gold and foreign exchange reserves of Uzbekistan and the ability of the Central Bank to support the exchange rate, if necessary, with the help of foreign exchange interventions. Only short-term volatility of the soum is not excluded.
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