The dollar rises for the second day in a row: the NBU raised the rate for September 24

For Thursday, September 24, the National Bank set the following official rates: - US dollar – 44.8571 UAH (+0.0708 UAH to the official rate for Wednesday, September 23); - euro – 51.1864 UAH (-0.1481 UAH to the official rate for Wednesday, September 23).

The rates were set at 16:00 on September 23 and reflect the following trends:

1. On the interbank foreign exchange market, for the second day in a row, there is a serious excess of demand for non-cash currency over supply, which is why non-cash dollar quotes are rising, despite active interventions by the NBU. Today, by the close of the trading session, the dollar rose to 44.915 UAH on the "bid" position, and on the "offer" position, 45.00 UAH was periodically recorded. The average price by the end of the trading session increased, so the NBU raised the official dollar rate for Thursday by 7 kopecks. According to analysts of the "Exchange Rate of Ukraine" portal, one of the main reasons for the rise in dollar prices on the interbank market is the sharp strengthening of the dollar globally after the US Federal Reserve raised its discount rate. The dollar is becoming more expensive everywhere, including in Ukraine.

2. The euro on the international FOREX market accelerated its fall on Wednesday, which has been continuing for the second week already, and by the time this article was written, it had dropped to 1.13835 dollars. At the time of the euro fixing, it was being sold for 1.1411 dollars – 51.1 points lower than on Tuesday (1.14621 dollars). Therefore, despite the increase in the official dollar rate, the NBU lowered the official euro rate for Thursday by 14.8 kopecks.

On the cash market, the slow growth of quotations continues. In wholesale exchange points of Kyiv, by evening, the dollar could be bought for a minimum of 44.93 UAH, in Kharkiv – for 44.98 UAH, and in Dnipro, Lviv and Odesa – for 44.95 UAH. At the same time, the price difference between cash and non-cash dollars began to shrink.

Is this the beginning of an autumn rise or a temporary reaction to the global strengthening of the dollar? So far, analysts find it difficult to answer. But the fact that last week the National Bank had to raise the discount rate by another 0.5%, to 16% per annum, indicates the increasing difficulty of keeping the exchange rate under control and the involvement of additional monetary mechanisms.