Daily Insight -- Hryvnia under pressure
The hryvnia continued to decline against the US dollar on Friday. The increase of liquidity in the banking system, which reached the monthly maximum, put significant pressure on the hryvnia, as the balances in correspondent accounts hit record highs since 2011. Accordingly, in the local market there is increased demand for foreign currency. Last week the national currency fell by 1.9%, in particular the decline for Friday amounted to 0.8% when the hryvnia ended trading at 27.6351 UAH/USD as it sold for 27.43 UAH/USD versus 27.72 to buy at the Ukrainian cash market. Its CPI-based real trade-weighted index fell 0.86% to 109.05; in year-on-year terms, it is down 2.51% from 111.86 last year.
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