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Kazakh Tenge Slumps to Record Low as Crude Oil Extends Retreat

  • Kazakh tenge drops 5.7% against the dollar, most in month
  • Oil-price decline is leading to dollar purchases, analyst says
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Kazakhstan’s tenge, the world’s worst-performing currency this year, dropped to its weakest on record as slumping oil prices spurred a flight to dollars.

The currency of Central Asia’s biggest energy exporter slumped 5.7 percent to 334.03 against the dollar today in Almaty, the steepest decline since September, according to data compiled by Bloomberg. The tenge had traded within a range of 300 and 317 per dollar since Nov. 6 after central bank Governor Daniyar Akishev allowed the currency to depreciate about 9 percent in the week following his Nov. 2 appointment.