The euro fell in price across Ukrainian commercial banks on Monday, August 31, as the national currency weakened slightly against major foreign currencies.
Commercial banks reduced the average purchasing rate for the euro by 5 kopecks to 52.24 hryvnias per euro. Customers looking to sell European currency at commercial bank branches received an average rate of 51.54 hryvnias per euro.
The US dollar exchange rate in Ukrainian commercial banks remained unchanged on Monday at 44.87 hryvnias per dollar. Banks bought the American currency from clients at an average rate of 44.33 hryvnias per dollar.
In currency exchange kiosks across Ukraine, the average purchase price for the US dollar stood at 44.81 hryvnias on Monday morning. Kiosks offered to buy dollars from customers at a rate of 44.70 hryvnias.
Cash euro rates at exchange kiosks averaged 52.10 hryvnias per euro on Monday morning, with the buying rate from clients recorded at 51.88 hryvnias per euro.
Central bank official rates
The National Bank of Ukraine set the official exchange rate for August 31 at 44.55 hryvnias per dollar. This represented a weakening of the Ukrainian currency by 1 kopeck compared to the previous official benchmark.
The hryvnia also lost ground against the euro in official central bank fixings. The official euro rate for Monday was set at 51.88 hryvnias per euro, marking a drop of 2 kopecks for the domestic currency.
The National Bank of Ukraine serves as the country's central bank and monetary authority, responsible for setting daily official exchange rates and regulating the domestic banking sector. The hryvnia is the national currency of Ukraine, divided into 100 kopecks, with exchange rates influenced by foreign trade flows and domestic market demand.
Market pressures and forecast
Taras Lesovyi, director of the financial markets and investment activity department at Globus Bank, said several factors would exert pressure on the currency market simultaneously in the coming weeks. He cited military risks, the state of foreign trade, and importer demand for currency as primary drivers.
Lesovyi predicted that the dollar rate in Ukraine until September 6 would remain within a range of 44.6 to 45.1 hryvnias on the interbank market. In the cash market, he expected the rate to trade between 44.6 and 45.2 hryvnias per dollar over the same period.
Globus Bank is a Ukrainian commercial banking institution that provides retail and corporate financial services across the country.
