Significant changes in the dollar exchange rate are expected in Ukrainian exchange offices. According to forecasts from the banking sector, the currency value next week (from May 26 to June 1) will fluctuate between 41.6 and 41.8 UAH. On the evening of May 23, exchange offices were buying dollars at an average rate of 41.1 UAH and selling them at 41.48 UAH. Thus, an increase in the dollar price is possible both for buying and selling.
This is reported by Finway
Similar changes are anticipated in banks. As noted by Taras Lesovyi, the director of the financial markets and investment activities department at Globus Bank, the rate in banks will also vary between 41.4 and 41.8 UAH. On the evening of May 23, banks were buying dollars at an average of 41.2 UAH and selling them at 41.74 UAH.
Factors Influencing the Currency Rate
Lesovyi emphasized that daily exchange rate changes may range from 0.1 to 0.2 UAH in banks and up to 0.3 UAH in exchange offices. The difference between buying and selling rates is expected to be within 0.5 to 0.6 UAH in banks and up to 0.6 to 1 UAH in exchange offices. Several key factors will influence the currency rate in Ukraine:
- The monetary policy of the NBU aimed at strengthening the hryvnia and flexibility in the application of currency intervention mechanisms. It is estimated that the volume of interventions will not exceed 800 million dollars per week, indicating a stable balance between supply and demand.
- The development of key economic sectors that form the national GDP, including the defense industry and agriculture, as well as construction.
- Growth in exports, which is critically important ahead of the possible cancellation of the “economic visa-free regime.”
Prospects for the Currency Market
Lesovyi also noted that the end of May in the currency market will occur “on a quite positive note.”
“Exchange rate fluctuations will remain within the already familiar ranges; there will be no signs of panic in the market due to the gradual strengthening of the National Bank’s role in balancing supply and demand,”
the banker emphasized. According to him, the situation in the currency market will remain within the expected scenario, with a balance between supply and demand, and current exchange rate changes will be minor and pose no threat. Lesovyi added that there are currently no signs of potential panic.