Autumn weakening of the hryvnia or a one-time spike: dollar sharply rose on the interbank market

For Thursday, September 3, the National Bank set the following official exchange rates: - US dollar – 44.6093 UAH (+0.1540 UAH to the official rate for Wednesday, September 2); - euro – 51.6433 UAH (+0.1076 UAH to the official rate for Wednesday, September 2).

The rates were set at 16:00 on September 2 and reflect the following trends:

1. Today immediately after the start of trading on the interbank foreign exchange market, non-cash dollar quotes went up, despite the National Bank's strong intervention. The average transaction price at 12:00 was 44.5740 UAH – 9.5 kopecks higher than the day before. After 14:00, the growth of quotes accelerated, deals were made around 44.67-44.68 UAH, which caused the average transaction price to rise even more by the end of the day. Therefore, the National Bank increased the official dollar rate for Thursday by 15.5 kopecks.

2. The euro on the international FOREX market continued to fall today and traded in the range of 1.1566-1.1609 dollars – slightly below yesterday's levels. At the time of fixing, the euro was sold at 1.15768 dollars – 16.8 pips lower than on Monday (1.15936 dollars). However, taking into account the growth of the official dollar rate, the NBU raised the official euro rate for Thursday by 10.8 kopecks.

Cash dollar prices also went up today, reacting to the rise on the interbank market. In the capital, the dollar rose by 9 kopecks – by evening it was sold at 44.80 UAH. In Kharkiv and Dnipro, the dollar added 10 kopecks, in Lviv – 12, and only in Odesa did the dollar rise by only 4 kopecks. The cash dollar rate continues to maintain a gap with the non-cash one, although it has narrowed to 13-15 kopecks.

What does this growth mean today: the beginning of the autumn "hryvnia malaise" or just a small spike? We will find out the answer to this question in the coming week or two.