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Hryvnia drops to historic low against the dollar

by Abbey Fenbert December 29, 2023 12:59 AM 1 min read
Ukrainian hryvnia bills, Aug. 12, 2023. (Adrien Fillon/NurPhoto via Getty Images)
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The National Bank of Ukraine (NBU) set a new official exchange rate of Hr 37.98 to the dollar for Dec. 29, up 36 kopecks from the previous rate of Hr 37.62.

The new rate means the hryvnia will enter the new year at a historic low against the dollar.

The Finance Ministry's website shows that trading on the interbank foreign exchange market on Dec. 28 ended at Hr 38.07 - 38.09 to the dollar, an increase about 26-27 kopecks from the previous day.

"The end of the year is the main motivator for all participants in dollar trading as of 13:00," the Finance Ministry website said at 1 p.m. local time on Dec. 28.

"Demand is much higher than supply, and the quotes have overcome the psychological threshold of 38 hryvnia to the dollar."

Later that day, the ministry reiterated that the dollar market situation had not changed, saying, "demand exceeds supply."

The hryvnia exchange rate held steady from July 2022, at a rate of Hr 36.57 per dollar, to October of 2023. At that time, the rate rose to 37.62.

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