Tenge Drops After Dollar Sales Ebb on Corporate Tax Deadline
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Kazakhstan’s currency fell on speculation companies have stopped selling dollars after raising money to pay taxes due Tuesday.
The tenge, which shifted to a free float last week, dropped 3.7 percent to 236.05 a dollar as of 12:36 p.m. in Almaty, according to data compiled by Bloomberg. It rose more than 11 percent Monday amid speculation companies bought tenge with dollars that they had hoarded.