Daily Insight -- UAH continues to decline
The hryvnia extended losses on Wednesday, having weakened another 0.3% to 26.4728 USD/UAH. This was already the sixth consecutive session, when the Ukrainian currency declined against US dollar. The reason for the hryvnia's weakening is mostly the USD's global rally, which pushes domestic demand for the USD higher and puts pressure on the Ukrainian currency. In the Ukrainian cash market, the hryvnia sold for 26.18 USD/UAH versus 26.36 to buy. Its CPI-based real trade-weighted index rose 0.05% to 106.20; in year-on-year terms, it is up 8% from 98.33 last year. At the same time the CPI- and PPI-based indices show that the hryvnia is still overvalued.
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