Daily Insight -- UAH extends losses
At the end of the week, the hryvnia weakened another 0.2% to 28.8448 UAH/USD, while over the entire week it fell 1.1%, remaining close to the 3-year low. In our view, the UAH's depreciation arose from excess demand for foreign currency at the local market as exporters refrained from selling FX while importers were actively buying FX to hedge themselves. On Friday, the hryvnia sold for 28.56 UAH/USD versus 28.75 to buy at the Ukrainian cash market. Its CPI-based real trade-weighted index fell 0.06% to 102.79; in year-on-year terms, it is down 3.08% from 105.95 last year.
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