Tashkent, Uzbekistan (UzDaily.com) — The Uzbek soum has significantly appreciated against the US dollar, driven by its strong correlation with the Russian ruble.

As of March 20, 2025, the US dollar is trading at 12,885 soums. Over the past week, the soum’s exchange rate has risen by 0.11%, whereas the previous week saw no changes.

This week’s rally in the ruble has been the key factor behind the soum’s appreciation. Given the strong trade and economic ties between Russia and Uzbekistan, the soum remains sensitive to shifts in the ruble’s trajectory. However, the ruble’s technical correction has yet to be reflected in the soum’s exchange rate.

Domestic economic developments in Uzbekistan remain neutral, suggesting that the soum is likely to experience only very moderate depreciation by the end of 2025.

Next week, the USD/UZS pair is expected to fluctuate within a traded range of 12,850–12,950 soums.

Anna Bodrova, Analyst at Alpari