Currency market review: UZS gains nearly 2% as dollar exchange rate retreats

The national currency of Uzbekistan demonstrated notable strength in April, with the official exchange rate of the US dollar falling by 1.93%. According to market data, the dollar’s value decreased by UZS 235.92 over the course of the month, dropping from UZS 12,210.71 to UZS 11,974.79 by the final trading session.

Photo: KUN.UZ

Throughout the 22 trading sessions held in April, the US dollar gained ground against the UZS in only 9 instances, while the UZS strengthened in the remaining 13 sessions. The dollar reached its monthly peak on April 9, hitting UZS 12,228, before sliding to its lowest point of UZS 11,974 on April 30. This shift was also reflected in commercial bank rates; while the best buying rates at the end of March started at UZS 12,170, they improved to UZS 11,960 by the end of April.

Economist Mirkomil Kholboyev noted that the UZS’s performance aligns with a broader global trend where the US dollar weakened against most major currencies. Out of 39 selected world currencies, only three depreciated against the dollar in April. Notably, the Russian ruble strengthened by 8.1%, the Kazakh tenge by 5.1%, and the Chinese yuan by 1%. Major global currencies such as the euro, British pound, and Swiss franc also recorded gains ranging between 1.4% and 2%.

Several internal factors contributed to the UZS’s appreciation during this period. Experts point to the issuance of significant securities totaling $1 billion in equivalent value and the strengthening of exchange rates in Uzbekistan’s primary labor markets. Furthermore, high growth in non-gold exports, which surged by 25% in the first quarter of the year, provided additional support to the national currency.

While the daily volatility of the exchange rate stood at 0.24% in April – a 33% increase compared to March – it remains significantly lower than the volatility levels observed between May and September 2025.