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News / 22 May 2009 | 16:00

Dollar goes up again in Ukraine

During the past four days, the US dollar got almost UAH 0.11 more expensive in Ukraine. If at the beginning of the week the average purchase rate of the US currency at Kyiv-based banks made UAH 7.49 / USD 1, on May 21 financial institutions were buying the dollar at UAH 7.60. The average sale rate over the period under review grew by UAH 0.06 to UAH 7.68 / USD 1, Ukrinform reported, referring to the Delo portal.

A similar tendency was observed in the non-cash market. Since May 18 the US dollar buy rate on interbank has increased by UAH 0.05 to UAH 7.6.

The market participants agree that the main reason for the hryvnia's new cheapening was the excessively rapid strengthening of the national currency in the first half of May. From May 1 to May 18, the purchase rate of the cash dollar in Ukraine dropped by almost UAH 0.5 to UAH 7.49. Over this period of time, the US currency got cheaper on interbank from UAH 8 to UAH 7.55 per USD 1.

One of the main reasons for the dollar buy price rise at banks and exchange offices is exactly the difference between the cash and interbank rates.

"In the middle of the month, a unique situation formed on Ukraine's currency market. The interbank rate stood must higher than the cash rate (by UAH 0.05 - UAH 0.07)," Ihor Lviv, deputy CEO at the Finance and Credit bank, says adding, "Many financial institutions tried to gain from this difference, having started an active purchase of cash dollars for their further resale on interbank at a higher price. As a result, due to this competition banks started gradually increasing the dollar buy rate on the cash market until the interbank and cash rates got equal."

At the same time, the majority of financiers do not see any reasons for further strengthening of the dollar, believing that in the coming few weeks the national currency will strengthen its positions. "Now the rate returned to stable, and with the absence of sharp movements by politicians, the hryvnia is in for a smooth revaluation until the end of May, when the dollar may cheapen by UAH 0.05 - UAH 0.10," Ihor Lvov says.

The official exchange rate of the National Bank for Friday is UAH 7.6161 / USD 1

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