Daily Insight -- Hryvnia rising
Last week, the hryvnia was bolstered by the currency auctions held by NBU domestic FX auctions as well as by the global weak US dollar. On Monday, it rose following news that the NBU and MoF reached the deal on the reprofiling of government domestic bonds owned by the NBU with a total nominal volume of UAH219.6bn, which implies the exchange of this debt for new bonds through 2047. In addition, the liquidity in the banking sector reached this year's low (see comment on liquidity), which increased the demand for the hryvnia. Hence, the hryvnia surged 0.7% against the US dollar to 26.5517 USD/UAH, rising for the third consecutive trading session. On Monday, in the Ukrainian cash market, the hryvnia sold for 26.75 USD/UAH versus 26.94 to buy. Its CPI-based real trade-weighted index rose 1.09% to 106.33; in year-on-year terms, it is up 4.67% from 101.59 last year.
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