The National Bank of Ukraine set the official hryvnia exchange rate for Thursday, October 8, significantly strengthening the national currency against both the US dollar and the euro.
Official figures published on the regulator's official website established the rate at 44.86 hryvnias per US dollar, representing a nine-kopeck gain for the Ukrainian currency compared to the previous indicator. Against the euro, the hryvnia recorded a larger surge, rising by 48 kopecks to reach 50.16 hryvnias per euro.
Trading on the Ukrainian interbank foreign exchange market reflected the gains by late afternoon. By 4:00 p.m., interbank market quotes for the hryvnia to the dollar stood at 44.84 to 44.89 hryvnias per dollar, while interbank quotes against the euro settled at 50.14 to 50.18 hryvnias per euro.
Commercial Bank Exchange Rates
Retail rates across commercial banks in Ukraine also registered downward shifts on October 7. The dollar exchange rate to the hryvnia in commercial banks fell by 14 kopecks to an average of 45.22 hryvnias per dollar for customer purchases. Meanwhile, members of the public could sell US dollars to banks at an average rate of 44.69 hryvnias per dollar.
The average euro rate to the hryvnia in commercial banks declined by two kopecks to 50.95 hryvnias per euro, with banks purchasing European currency from customers at an average rate of 50.22 hryvnias per euro.
PrivatBank, Ukraine's largest commercial bank, lowered its dollar exchange rate by 10 kopecks to 45.10 hryvnias per dollar, while offering a purchasing rate of 44.50 hryvnias for customers selling American currency. PrivatBank kept its euro rate unchanged at 50.85 hryvnias per euro, while setting its euro buying rate at 49.85 hryvnias per unit.
Central Bank and Banking Sector Context
The National Bank of Ukraine operates as the central bank of Ukraine, managing national monetary policy and determining official daily exchange rates. The hryvnia, which is divided into 100 kopecks, has served as Ukraine's official national currency since replacing the karbovanets in September 1996.
Interbank currency trading provides the underlying transaction data used by financial institutions and the central bank to determine market valuations. State-owned PrivatBank is the country's largest commercial financial institution, serving millions of retail customers and businesses across Ukraine.
