Daily Insight -- UAH declines further
The hryvnia extended its losses on Thursday, having weakened another 0.2% to 26.8266 USD/UAH, as a result of the strengthening US dollar in world FX markets. Demand for USD in the local market exceeded supply. At the same time, the National Bank of Ukraine reacted to rising inflation by increasing the key policy rate by 1ppt to 13.5%, which should support the Ukrainian currency. In the Ukrainian cash market, the hryvnia sold for 26.58 USD/UAH versus 26.74 to buy. Its CPI-based real trade-weighted index rose 0.65% to 105.27; in year-on-year terms, it is up 0.7% from 104.54 last year.
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