The National Bank of Ukraine set the official dollar exchange rate at 43 hryvnias and 71.70 kopecks on March 5. This marks the second consecutive instance this week where the national currency has reached a new historical minimum against the US dollar.
This is reported by Finway
Dynamics of the Hryvnia Exchange Rate: New Anti-Records
The first record this week was recorded at the end of trading on March 3: as of March 4, the official rate was 43 hryvnias and 45.48 kopecks per dollar. Thus, in just one day, the hryvnia fell further, setting yet another anti-record.
According to information from the international agency Bloomberg, on the interbank currency market of Ukraine, trading on March 4 ended at 43 hryvnias and 90 kopecks per dollar, confirming the trend of further weakening of the national currency.
History of Changes in the Official Rate
It is worth noting that the significant decline in the hryvnia’s exchange rate occurred after a long period of stability. From July 21, 2022, until October 3, 2023, the official rate remained unchanged at 36 hryvnias and 57 kopecks per dollar. Only in the fall of 2023 did the first shift occur, after which the hryvnia gradually lost ground.
“The National Bank of Ukraine set the rate at 43 hryvnias and 71.70 kopecks per dollar on March 5. The official rate has updated the hryvnia’s minimum against the dollar for the second consecutive time this week.”
The current situation in the currency market remains tense, and the new maximums of the dollar exchange rate indicate a challenging macroeconomic situation in the country.