Daily Insight -- UAH up 1.7% last week
On Friday, the hryvnia strengthened another 0.2% against the US dollar to 26.5167 USD/UAH. During the UAH rally which continued last week, it appreciated 1.7%, as a result of the following: (1) excess demand for the hryvnia in the domestic FX market, as investors were preparing for third quarter tax payments which start today; (2) low liquidity (see comment on liquidity); and (3) relatively stable US dollar in world FX markets. On Friday, in the Ukrainian cash market, the hryvnia sold for 26.62USD/UAH versus 26.80 to buy. Its CPI-based real trade-weighted index rose 0.06% to 106.59. At the same time, in year-on-year terms, the CPI-based real trade-weighted index turned negative last week and was down 3.27% from 110.56 last year. This means that the hryvnia's purchasing power has fallen 3.27% from the same period last year.
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