The Kazakh tenge may inch up against the dollar this month on the back of rising prices for oil, the Central Asian nation's main export, according to a Reuters poll. Five of eight participants in the poll, which was carried out on Jan. 28-31, predicted that the currency would strengthen in February.

Two analysts forecast a stable month for the tenge and one said it would weaken from January's close of about 380 per dollar. The tenge was stable in January after dropping 14 percent against the dollar last year. "...Against the backdrop of somewhat easing political tensions in the region and continued support from oil price dynamics, the short-term exchange rate trend may remain positive," said Eurasian Development Bank analyst Alexei Kuznetsov.

Copyright Reuters, 2019