Daily Insight -- UAH continues to strengthen
The hryvnia appreciated another 1.3% to 27.1196 UAH/USD, hitting a two-month high. Up 2.8% in nominal terms since the beginning of the week, Tuesday's auction with higher interest rates that attracted non-resident investors appears to be the catalyst. The NBU also purchased about US$200bn (see comment on liquidity). In the local market, the hryvnia sold for 27.36 UAH/USD versus 27.59 to buy at the Ukrainian cash market. Its CPI-based real trade-weighted index rose 1.84% to 109.38; in year-on-year terms, it is up 1.73% from 107.52 last year.
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