January 18, 2016 / 10:16 AM / 4 years ago

UPDATE 1-Kazakh tenge hits new low after oil prices drop on Iran

(Updates with secondary session)

ALMATY, Jan 18 (Reuters) - The weighted average of the Kazakh tenge fell to an all-time low of 374.31 per dollar on the Kazakhstan Stock Exchange on Monday from 360.90 the previous trading day.

The move followed the lifting of sanctions against Iran which sent oil prices to their lowest since 2003. Brent crude traded at $28.60 per barrel as of 0936 GMT.

The tenge lost nearly half of its value against the dollar last year as the oil-exporting country abandoned its dollar peg in August. Kazakhstan’s central bank said in December it did not rule out further weakening of the currency if oil prices fall below $30 per barrel.

A weaker tenge helps local exporters of oil and metals, which account for the bulk of Kazakhstan’s industrial output and tax revenues, stay afloat by reducing some of their costs.

Below are the results of trading on Monday and Friday, based on combined figures for the main and secondary trading sessions.

Jan 18 Jan 15

Weighted average rate (per $1) 374.31 360.90

Volume traded ($ mln) 136.000 83.800 (Reporting by Olzhas Auyezov; Editing by Hugh Lawson)

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