The interbank foreign exchange market of Ukraine recorded an unprecedented level of national currency devaluation. On Monday, March 9, the American dollar officially reached the psychological mark of 44 hryvnias for the first time in history, which became a new absolute maximum for the Ukrainian financial sector. This was reported by the NBU, writes UNN.
Details
During the trading session, the working range of American dollar quotations was set at 43.97-44.00 UAH per dollar. In parallel, the European currency also shows consistently high dynamics, trading in the corridor of 50.9056-50.9228 UAH. Such indicators indicate increased demand for foreign currency and a significant burden on the hryvnia in the current economic situation.
Causes of currency fluctuations
Experts attribute the rapid exchange rate growth to a number of factors, including increased geopolitical tensions and a change in market participants' expectations regarding the volume of international financial assistance.
Despite the fact that the National Bank of Ukraine continues to conduct interventions to smooth out excessive fluctuations, market pressure proved to be powerful enough to update the historical maximum.
Forecasts and impact on the economy
The further fate of the exchange rate will depend on the regulator's activity in the market and the inflow of foreign currency from international partners. Experts note that reaching the mark of 44 UAH per dollar may lead to a corresponding recalculation of prices for imported goods and fuel in the near future.