Reduce the speculative pressure lowered the exchange rate below the level of 27 UAH/$

2020-07-08 12:00:22
Machine translation
Reduce the speculative pressure lowered the exchange rate below the level of 27 UAH/$

Speculative effect on the currency caused by the resignation of the head of the NBU due to political pressure, gradually weakened, and the market returns to normal economic activity.

 

Amount of currency on the interbank market on Monday increased output due on Friday in the U.S., and on Tuesday – as a result of the Treasury's regular auction of government bonds, which helped to stabilize the hryvnia exchange rate.

 

Thursday 2 July, the dollar rose from 26.86/27,22 of 26.88 to/27, and 25 UAH/$, but in the future the rate gradually sank. Yesterday only buy the national Bank of excess currency volume of not less than $ 50 million maintained it from further subsidence at the level of 26,92/26,94 UAH/$.

 

Cancel placement of Ukrainian Eurobonds, 1.75 billion after the resignation of the head of the national Bank alerted market, so analysts closely followed the sentiment of investors at the next auction on placement of t-bills. According to its results, the Finance Ministry attracted to the budget of 312 million UAH, which is 4 times less than in the auction on 30 June, when it sold bonds to 1,272 billion.

 

At yesterday's auction were sold hryvnia bonds:

the

with maturity 30.06.2021 with a yield of 9.50% per annum on the amount 5,116 million UAH,

with maturity 23.02.2022 with a yield of 10.2 per cent per annum on the amount 16,252 million.

  • with maturity 30.09.2020 with a yield of 7.24% per annum on the amount 291,51 million UAH,

 

Recall that the national Bank since June 12, has lowered the interest rate from 8% to 6% per annum to support the domestic economy, then the yield of government bonds in the secondary market fell sharply.

 

Increase in foreign exchange earnings from the sale of agricultural products in the near future will increase pressure on the hryvnia, but the national Bank is likely to keep the rate in the range of 26.5-27 UAH/$, which at the moment satisfies both exporters and importers.