Tashkent, Uzbekistan (UzDaily.com) —  The exchange rate of the soum is declining against the US dollar. As of 28 November, the American currency is worth 12,843 soums. Over the past two weeks, the soum has lost 0.33% against the USD.

This represents a fairly significant rate of decline for the soum, especially considering how strong it had previously been amidst the global risk aversion by investors.

Two key factors may be influencing the soum’s decline:

The devaluation of the Russian ruble: the US dollar recently hit new highs not seen since 2022.

The strengthening of the US dollar on the global market.

There is also an internal pressure factor in the form of uncertainty regarding the foreign trade balance.

On the other hand, the stability of the soum is supported by a high level of national foreign exchange reserves, with the trend of increasing reserves continuing.

Short-term expectations for the USD/soum exchange rate suggest fluctuations within the range of 12,820 to 12,865 soums.

Anna Bodrova, Analyst at Alpari