Strong oil prices expected to support Kazakh tenge

Traders and analysts expect the Kazakh tenge to hold steady or strengthen against the dollar this month on strong oil prices, although it is likely to weaken in the longer run, a Reuters poll showed. In the poll carried out from March 28 to April 2, seven of 10 participants predicted that the tenge would gain this month. On the other hand, eight out of 10 expect the currency to weaken over the next 12 months. The tenge climbed 0.1 percent against the dollar last month, hitting a nine-month high of 318.0 per dollar on the interbank market.