Hmm good info guys
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It'll do nicely. Lots of good ammo choices. I've heard the cheap hollow points can be iffy on expansion so the few times I've hunted with x39 I've shyed away from them for hunting.
As far as cheap stuff Tula 154gr soft points will work well,
A little more expensive but virtually all major ammo manufacturers including Federal, Remington, and Winchester make soft point deer hunting ammo for 7.62x39. It is designed to expand reliably at 7.62x39 velocity's and will stay over 2000fps out past 125-150 yards or so.
There is also "premium stuff" available from Cor bon (I gave some to my brother at Christmas 10 or 15 years ago, it was about $30 a box.) When he blasted a deer with it it did the trick nicely.
I also have some I bought many years ago loaded by Ga Arms with 125gr ballistic tips that work well. Yes they are .308 dia bullets but they engage the rifling nicely and are plenty accurate and do what they are supposed to do.
The 7.62x39 is a great caliber for woods hunting and recoil sensitive shooters, especially with modern bullets. But like Biker pointed out, there are much better "deer" killing calibers with much more range and power.
Been hunting deer for years with an AK. Federal Fusion or Wolf Military Classic (from a good lot about 6 - 7 years back) is what I generally use. Never had one run beyond 30 - 40 yards. The big fella below made it about 20 yards.