Daily Insight -- UAH still close to 3-year low
At the end of the last week, the UAH fell 0.7% to 28.2032 UAH/USD on the back of continued high liquidity and excess demand for foreign currency. To satisfy excess demand for foreign currency, the NBU held a currency auction on Friday that attracted US$66.7m in bids, of which US$50.5m at a weighted average rate of 28.1927 UAH/USD was satisfied. Thanks to the auction, the hryvnia opened Tuesday's trading session appreciating to 28.1567 UAH/USD. However, due to excess demand, it returned to Friday's level. In the local market, the hryvnia sold for 27.99 UAH/USD versus 28.20 to buy at the Ukrainian cash market. Its CPI-based real trade-weighted index fell 0.02% to 105.02; in year-on-year terms, it is down 3.2% from 108.49 last year.
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