Daily Insight -- UAH remains stronger than 26.9/USD
The hryvnia remained almost flat against the USD on Wednesday, having closed down 0.06% to 26.8784 USD/UAH. The NBU's decision to raise the key policy rate by 100bp to 13.5% since October 27, along with the FX auction conducted by the regulator on the same day, supported the hryvnia and halted its nearly two-week depreciation in which it fell 1.7% against the USD. On Wednesday, in the Ukrainian cash market, it sold for 26.68 USD/UAH versus 26.83 to buy. Its CPI-based real trade-weighted index fell 0.03% to 105.086; in year-on-year terms, it is down 0.56% from 105.675 last year. At the same time, despite the fact that the hryvnia is near the 6-month low, our in-house calculations of the CPI- and PPI indices show that it is still overvalued.
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