Daily Insight -- Hryvnia below 27.2/USD
At the beginning of the week, the hryvnia declined due to the high demand for foreign currency in the local market from the beginning of Monday trading. To support the national currency and satisfy excess demand, the NBU held a currency auction that attracted US$43.6m in bids, of which US$29.4m with a weighted average rate of 27.1808 UAH/USD were satisfied. The impact will be seen today. On Monday, the hryvnia dropped 0.6% to 27.2153 USD/UAH. It sold for 26.9 USD/UAH versus 27.05 to buy at the Ukrainian cash market. Its CPI-based real trade-weighted index fell 0.71% to 110.44; in year-on-year terms, it is down 1.9% from 112.58 last year.
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