Photo: the dollar exchange rate increased by 45 kopecks (Vitaly Nosach, RBC-Ukraine) Author: Alexander Belous
The dollar exchange rate at Ukrainian exchange offices rose sharply at the beginning of the year following a jump on the interbank market. The single European currency also rose in price.
This was reported by RBC-Ukraine with reference to market monitoring data.
As of the morning of January 1, the average dollar selling rate in Ukraine increased by 45 kopecks to 39.50 hryvnia, the euro rate increased by 60 kopecks to 43.50 hryvnia.
At exchange offices they buy a dollar for an average of 38.80 hryvnia, and a euro for 42.50 hryvnia.
On the interbank market today the rate is at the level of 38.15-38.18 (purchase and sale) – an increase of 14 kopecks compared to the previous day’s close.
Official rate
The National Bank of Ukraine (NBU) raised the dollar exchange rate above 38 hryvnia for the first time. The official exchange rate as of January 1, 2024 is set at the following level: 38.002 hryvnia per 1 dollar (+0.0196 UAH). The euro exchange rate will be 41.996 hryvnia per 1 euro (-0.2119 UAH).
Market situation
The official dollar exchange rate for December increased by 4.4% from 36.38 to 37.98 UAH/dollar and updated records almost every day. The exchange rate rose due to a record shortage of foreign currency. In December 2023, the NBU sold $3.553 billion on the interbank foreign exchange market. This is the maximum volume since June 2022.
The cash rate depends entirely on the interbank market. As a result, the exchange rate on the cash market in December increased by 1.5 hryvnia to 39.05 UAH/dollar. However, the rate is still lower than at the beginning of last year, when it was about 40.70 UAH/dollar.
It is expected that at the beginning of 2024 the National Bank will continue to actively influence the foreign exchange market and gradually weaken the hryvnia. On the interbank market the rate could be 37.70-38.50 UAH/dollar, on the cash market – plus another 50-60 kopecks.