Tenge strengthened following Trump's statement on Iran

Following the close of trading, the weighted average dollar exchange rate stood at 467.98 tenge, down 2.76 tenge from the previous session.

Meanwhile, the National Bank's official exchange rate for July 8 is set at 471.04 tenge per dollar.

Average dollar exchange rates at Almaty currency exchanges:

• Buy: 468.45 tenge;
• Sell: 470.59 tenge.

Average dollar exchange rates at Astana currency exchanges:

• Buy: average 466.00 tenge;
• Sell: 473.00 tenge.

Oil market developments

Earlier, the price of September futures for the benchmark Brent crude surged from $76 to $78 per barrel within minutes following a new statement by US President Donald Trump..

The American leader declared that he no longer considers the ceasefire with Iran to be in effect and does not intend to maintain further contact with the Iranian side. Against this backdrop, investors' fears intensified regarding a possible escalation in the Middle East and risks to global oil supplies.

Why the tenge is strengthening

The tenge has been strengthening against the dollar for several weeks now. Previously, the national currency gained approximately 2.7 percent in just one week. According to analysts, this trend is driven by several internal factors: the continued high base rate, an influx of foreign investment into the Kazakh market, additional foreign currency sales by the National Bank as part of National Fund operations, and the mandatory sale of export revenues by major companies.

At the same time, experts note that while global oil prices typically impact the tenge with a lag, internal factors tend to have a more immediate effect on the currency market.