Kazakh tenge may gain against dollar

The Kazakh tenge may gain against the dollar this month as oil prices rise and the likelihood diminishes of fresh anti-Russian sanctions being introduced by the United States, according to a Reuters poll. Seven of 10 participants in the poll, which was carried out from September 28 to October 3, predicted that the oil-exporting Central Asian nation's currency would strengthen this month. Three other analysts forecast no significant changes.
But the 12-month outlook for the tenge was bearish, with six out of 10 participants predicting it would fall. The tenge hit a 32-month low of 381.42 per dollar on the interbank market last month as it tracked the Russian rouble and other emerging-market currencies. It rebounded as Brent crude strengthened to close the month flat.
Aibek Burabayev, chief trader at the Kazakh subsidiary of Industrial and Commercial Bank of China, said the United States was unlikely to introduce any fresh sanctions against Russia.