08:37 AM EDT, 06/04/2024 (MT Newswires) -- Kazakhstan's tenge lost some ground against the US dollar on Tuesday despite the S&P Global Kazakhstan Manufacturing Purchasing Managers' Index (PMI) improvement to 52.2 in May, up from 51.5 in April.

USD/KZT was quoted at 448.4600 in European afternoon trade on Tuesday.

An increase in the reading in May signals "a modest monthly improvement in the health of the manufacturing sector, and one that was the most marked since September last year," the report said.

"The increase in new orders as the demand environment strengthened fed through to a third-consecutive rise in production," the report said.