Ukraine`s forex market continues to be under pressure of political instability in the country this week, despite a number of favorable fundamental external factors.
”As a result, the forex rate of the hryvnia has crossed a line of UAH 26 per U.S. dollar today. Therefore, further political destabilization threatens to wobble the hryvnia rate with the respective negative aftermath for Ukraine`s economy,” the National Bank of Ukraine (NBU) said in a statement on Tuesday.
”Although Ukraine continues collecting large foreign currency receipts from exports of grain and vegetable oil and prices of steel and iron ore on foreign markets have resumed growth, mounting political tension is the source of anxiety on the forex market, which whittles down the effect of the favorable factors,” the NBU said.
The Central Bank says it is closely monitoring developments on the forex market and has a sufficient stock of international reserves estimated at $15.5 billion to smooth extreme fluctuations of the forex rate in case of the further weakening of the national currency.
As UNIAN reported earlier, quotations of the hryvnia against U.S. dollar on the interbank forex market by the middle of trading on Tuesday, November 15, were set at UAH 25.99/26.04 per U.S. dollar.
On Friday, November 11, hryvnia-dollar quotations on the interbank forex market by the end of trading were fixed at UAH 25.63/25.67 per U.S. dollar.