11.11.14 17:45

Dollar Passes 16 Hryvnia on Interbank Market

The hryvnia quotes against the US dollar passed 16 on the Ukrainian interbank currency market on Nov. 11and fell to 15.8200 UAH/16.1300 USD.

At 2:14 pm the quotes for hryvnia-euro passed the mark of 20 hryvnia and constituted 19.6468/20.0318, but later fell to 19.6267 UAH/19.9994 EUR, Censor.NET reports citing UNIAN.

The quotes of the hryvnia against the Russian ruble reached 0.3378 UAH/0.3447 RUB.

Read also: Ruble Continues Dropping Following Oil Prices

Thus, after the morning's strengthening to 15.60 per dollar, the hryvnia continued its fall.

At the opening of trading the quotes steadied at 15.30 UAH/15.75 USD.

At 2:00 pm Nov. 10, the National Bank of Ukraine set the official exchange rate of hryvnia at 14.8042 UAH/USD, which is 33 kopecks lower that the official rate on the previous business day and was a new historical low. The NBU held a meeting with the representatives of the largest Ukrainian banks and agreed the retention of the hryvnia exchange rate at the level of 15-16 UAH/USD.

On Nov. 5 the National Bank introduced the practice of daily currency auctions of small volumes by the Dutch scheme to find an adequate equilibrium exchange rate or stabilize the rate at the current level.

Read also: National Bank to Sell Currency from Its Reserves until Situation on Forex Market Stabilizes - Deputy Head of NBU

According to the bankers, the economic component of the exchange rate is within the range of 13.5-14 UAH/USD, and a higher rate reflects expectations of possible escalation of the conflict in eastern Ukraine.

Head of the National Bank of Ukraine Valeriia Hontareva stated that she considers an optimal rate for the calculation of the Ukraine's state budget for 2015 to be 12.95 UAH/USD or less.

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