Dollar and Euro Rise Against Ukrainian Hryvnia as Fuel Prices Loosen Import Costs

The National Bank of Ukraine (NBU) has announced updated exchange rates for August 31. The dollar and euro both gained value against the Ukrainian hryvnia, with the dollar rising by 1 kopeck to 44.55 UAH and the euro increasing by 3 kopecks to 51.88 UAH.

Taras Lesovoy, director of the Department of Financial Markets and Investment Activities at Globus Bank, believes that fuel prices will play a significant role in influencing the dollar exchange rate. From late June to early August, the price of A-95 gasoline rose by nearly 9%, diesel by approximately 22%, and autogas by 7.4%. This increase could lead to higher demand for foreign currency due to Ukraine's dependence on petroleum product imports.