Dollar Rises as Ukraine's National Bank Sets New Exchange Rates

The National Bank of Ukraine (NBU) has set new official exchange rates for major foreign currencies on July 28. The US dollar has resumed its upward trend, rising by 5 kopecks to 44.85 UAH. This comes after a brief summer lull in the market.

According to Taras Lesovoy, head of the treasury department at Globus Bank, the foreign exchange market is currently experiencing a seasonal slowdown due to reduced business activity during the summer months. The banker noted that this period curbs speculative demand and narrows the spread between the cash rate and interbank rate.

The NBU has been monitoring the situation and smoothing out temporary imbalances through foreign exchange interventions, which helps keep exchange rate fluctuations within predictable limits. This is expected to continue until the end of July, after which the market benchmark may remain around 45 UAH/dollar.