Exporters get ready for tax period, NBU in no hurry to sell dollars - market overview

On Tuesday, August 11, non-cash dollar quotes on the interbank foreign exchange market tried to continue their growth, but in the first half hour after trading started they managed to rise only to UAH 44.911 on the ‘bid’ side. They did not go higher because banks became more active in selling.

Partly they sold clients’ foreign currency proceeds, and partly banks made speculative sales from their currency position, hoping to buy back cheaper and thereby earn a profit. At the time of writing this article, according to the Kurs Ukrainy portal, the National Bank was not conducting active interventions. As we can see, the regulator is trying to interest exporters with a high exchange rate and encourage them to sell more actively ahead of the tax payment period.

The euro on the interbank foreign exchange market of Ukraine on Tuesday is trading in a narrow range of 1.1531-1.1549 dollars. After active growth last Friday, the euro has been falling for the second day in a row.

Cash dollar rates continue to rise. If on Monday afternoon wholesale exchange points in Kyiv sold the dollar at 44.82-44.84 UAH, today they sell it already at 44.89-44.92 UAH. In Cherkassy this morning the dollar sold for 44.85 UAH, in Chernivtsi – at 44.90 UAH, in Khmelnytskyi, Dnipro and Odesa – at 44.95 UAH, in Poltava – at exactly 45.00 UAH.

Ukrainian banks by 12:30 are selling dollars at prices ranging from 44.88 UAH at Kreditvest Bank to 45.44 UAH at the Zaporizhzhia-based Metbank. As for the euro, at the moment the best-priced place to buy it is Bank Lviv at 51.75 UAH.

Oil prices are rising for the second day in a row as the confrontation between the US and Iran continues. The popular Brent marker rose to $90 per barrel today and is currently trading in the $89.59-89.69 per barrel range.

On cryptocurrency exchanges, prices for major cryptocurrencies are declining again. Last night, bitcoin on the popular Binance crypto exchange dropped as low as $63,806 per coin, and ethereum – to $1,867.96 per coin. Currently, bitcoin is being sold at $64,290 - 64,310, and ethereum – at $1,883-1,888 per coin.