Kazakh Tenge Hits 10-mth Low Against Dollar On Oil, Rouble Falls
ALMATY, Sept 5 (Reuters) – The Kazakh tenge fell to a weighted average of 340.58 per dollar, its lowest in 10 months, on the Kazakhstan Stock Exchange on Tuesday, from 338.23 the previous trading day.
The tenge has largely moved in line with the price of crude oil benchmarks and the Russian rouble since Kazakhstan switched to a floating exchange rate in 2015.
The rouble came under pressure on Monday from falling oil prices after North Korea’s nuclear test triggered a flight of investors away from crude markets and into gold futures, which are seen as a safe haven.
Oil is a key export for both Russia and Kazakhstan.