Daily Insight -- UAH hits lowest rate since February 2015
The hryvnia extended its losses on Monday, having depreciated another 0.9% to 27.8737 UAH/USD on the back of increased demand for the foreign currency. At the same time, exporters refrained from selling US dollars on the domestic FX market, anticipating further weakening of the hryvnia, which will allow them to increase their earnings. To satisfy excess demand for foreign currency, the NBU held a currency auction on Monday that attracted US$81.4m in bids, of which US$75.2m at a weighted average rate of 27.8550 UAH/USD was satisfied. Thanks to the auction, the hryvnia stopped declining. Yesterday, the hryvnia sold for 27.65 USD/UAH versus 27.88 to buy at the Ukrainian cash market. Its CPI-based real trade-weighted index fell 0.62% to 108.38; in year-on-year terms, it is down 3.44% from 112.24 last year.
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