Fed rate hike may weigh on Kazakh tenge

Traders and analysts expect the Kazakh tenge to slightly weaken against the dollar this month, partly because of the anticipated Federal Reserve rate hike, and post further losses in the longer run, according to a Reuters poll. In the poll carried out from February 28 to March 2, eight out of twelve participants predicted that the tenge would slip this month. The same proportion of analysts expect the tenge to weaken to a greater extent in 12 months. The tenge climbed 0.8 percent against the dollar last month and is now trading near an eight-month high.