Daily Insight -- UAH near 6-month low
The hryvnia extended its downward trend on Tuesday, having weakened 0.1% to 26.8620 USD/UAH, after some correction at the beginning of the weak. Excess demand for the greenback in the domestic FX market amid revived hopes for the tax reform in the USA and a possible USD appreciation fed into the UAH's weakness. At the same time, excess demand for the USD overpowered tax payments, which, along with low liquidity, traditionally supports the Ukrainian currency. Thus, in the Ukrainian cash market, the hryvnia sold for 26.65 USD/UAH versus 26.77 to buy. Its CPI-based real trade-weighted index fell 0.08% to 105.12; in year-on-year terms, it is up 0.9% from 104.13 last year.
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