Dollar rate reversed sharply: the currency began to get cheaper again

Tengrinews.kz — The dollar has declined again in Kazakhstan's trading. Tengrinews.kz reports on the exchange rate established at the Kazakhstan Stock Exchange (KASE) on October 7.
Following the daytime trading session on KASE, the weighted average dollar exchange rate stood at 447.14 tenge, down by 5.6 tenge.
The National Bank's official exchange rate for October 7 is 453.65 tenge per dollar.
Average dollar exchange rates at Almaty currency exchanges:

purchase – 446.61 tenge;sale – 448.53 tenge.

Average dollar exchange rates at Astana currency exchanges:

purchase – 445.00 tenge on average;sale – 452.00 tenge.

How the dollar exchange rate changed
At the beginning of October, the dollar exchange rate on KASE rose sharply. On October 2, the weighted average rate was 447.73 tenge, gaining 5.47 tenge during the trading session. By October 5, the dollar had risen by another 6.62 tenge to 454.98 tenge.
Previously, experts attributed the dollar's rise primarily to the strengthening of the American currency on the world market. Financier Andrey Chebotarev also noted the influence of US Fed policy and the increase in US bond yields.
Economist Zhanat Nurgaliyev pointed to a decrease in currency supply and rising demand within Kazakhstan. At the same time, the exchange rate is most heavily influenced by major market participants—importers, exporters, and companies dealing with large volumes of foreign currency.