Hryvnia strengthens: interbank dollar rate drops below 45

After 12:00, quotes for cashless dollar on the interbank currency market began to decline and by the time of writing dropped to 44.92 UAH on the 'bid' position and 44.96 UAH on the 'offer' position.

The strengthening of the hryvnia was the result of another massive currency intervention by the National Bank, joined by speculative banks that decided to play intraday on dollar rate fluctuations.

By the time of writing, the volume of transactions in the Bloomberg trading system had grown to 219 million dollars, about 70% of which was sold by the National Bank itself. According to treasurers polled by a representative of the 'Course of Ukraine' portal, this strengthening is unlikely to be significant and last more than 2-3 days. Too many buyers appeared when quotes fell below 45 UAH. Treasurers believe this decline is an excellent opportunity to purchase cashless currency for those who have cashless hryvnia available.

Banks have not yet reacted to the interbank movement: buying and selling rates for cash dollar remained at the same (morning) level.