The U.S. dollar was sold for such a low amount of hryvnias way back on July 13, 2020.
The official forex rate for May 24 is set at UAH 27.46 per dollar / Photo from UNIAN
Experts predict the hryvnia, Ukraine’s national currency, will continue strengthening after its revaluation in the past week.
The hryvnia got stronger in the outgoing week, as the forex rate of the U.S. dollar on the cash market updated this year’s records, having hit UAH 27.54 per U.S. dollar (bank sells dollars) and UAH 27.37 per U.S. dollar (bank buys dollars) on May 20, 2021, the media outlet Segodnya reported.
The U.S. dollar was sold for such a low amount of hryvnias way back on July 13, 2020, it said.
However, on May 21, the U.S. dollar bounced back, making the hryvnia insignificantly weaken.
The final average forex rate before the weekend was UAH 27.58 per U.S. dollar (bank sells dollars) and UAH 27.40 per U.S. dollar (bank buys dollars).
The National Bank, which set the rate at UAH 27.61 per U.S. dollar on Monday, May 17 (-2 kopiykas), began to gradually strengthen the hryvnia and it was UAH 27.42 per U.S. dollar (-19 kopiykas) by Thursday, May 20. But by the weekend, the rate was up to UAH 27.47, keeping the level through the weekend. The regulator set the official forex rate at UAH 27.46 per U.S. dollar for Monday, May 24.
Revaluation vs. devaluation
President of the Ukrainian Analytical Center Oleksandr Okhrimenko forecasts that the hryvnia in the coming week will demonstrate further revaluation, which will be regulated by the National Bank through buying out surplus foreign currency so that the rate does not go too far down from UAH 27.5 per U.S. dollar. Minor devaluation-related fluctuations, within 10 kopiykas, are expected on certain days.
However, leader of the Analytics Content Group at Forex Club Andrew Shevchishin expects the hryvnia may slightly weaken. “One can expect that the rate will be within UAH 27.45 and UAH 27.6 per U.S. dollar,” he says.
Official forex rates for Monday, May 24
- The National Bank of Ukraine has set the official forex rate of the hryvnia to the U.S. dollar for Monday, May 24, at UAH 27.46 per U.S. dollar, thus, the official hryvnia has strengthened by one kopiyka compared to the previous figure.
- The official forex rate of the hryvnia to the euro for Monday, May 24, is fixed at UAH 33.48 per euro, that is, the hryvnia has gotten stronger by 4 kopyikas compared to the previous figure.