Kazakh tenge may remain volatile

The exchange rate of the Kazakh tenge may remain volatile in the near future as it reacts to the Russian rouble's drop following new US sanctions, Central Bank Chairman Daniyar Akishev said on Wednesday. But the tenge's movements will not necessarily be proportionate to those of the rouble, he told reporters. The tenge hit a three-month low of 332.16 per dollar on Wednesday, extending losses in active trading.
The tenge pared some losses later and its weighted average fell to 330.88 per dollar on the Kazakh Stock Exchange from 325.37 on the previous day. Overnight rates jumped 6.2 percent to 9.27 percent, an eight-week high.