09/21/08
Ukraine Currency
U.S. Dollar Strengthens Against Ukrainian Hryvnia
By Nova Mova from Internet sources.
The United States dollar has grown in strength in recent weeks against other currencies, including the Ukrainian Hryvnia. This is a sharp turnaround from the continual slide the dollar had seen for much of 2008.
On September 18, the dollar reached the 5:1 level on Ukraine’s interbank market for the first time in many months. The cash exchange rate in Kyiv varied on September 18 from UAH 4.83 to UAH 5.03 to US$1. Cash currency outlets in Kyiv have reported a minor shortage of the U.S. dollar.
The recent rise of the dollar has been attributed mainly to the drop in world oil prices, and its strengthening against the hryvnia is probably also due to Ukraine’s current inflationary economy.
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