Ukraine forex market in confusion
Move by central bank to ditch unofficial peg for hryvnia has plunged foreign exchange market into confusion. |||
Kiev – A move by Ukraine’s central bank to ditch an unofficial peg for the hryvnia has plunged the foreign exchange market into confusion, with buyers of hard currency putting off purchases and sellers holding out for higher levels.
The hryvnia lost 30 percent against the dollar to trade at 24-25 on Thursday after the bank moved closer to a free float by abandoning the foreign currency auctions that had effectively pegged the exchange rate.
On Friday, traders quoted levels …read more
Source: Independent Online
