Ukraine's Forex Market Stays Afloat Despite Ongoing Pressures
The foreign exchange market in Ukraine is expected to remain stable in early October, despite ongoing military and economic pressures. According to Taras Lesovyi, director of the Department of Financial Markets and Investment Activities at Globus Bank, the National Bank has tools to mitigate risks and prevent sharp exchange rate fluctuations.
Lesovyi forecasts that the dollar exchange rate could range between 44.7 and 45.1 UAH in the first ten days of October, while the euro may trade between 50.5 and 52 UAH. Daily fluctuations will depend on supply and demand, international news, and market participant behavior.
The National Bank's sale of currency on the interbank market remains a key mechanism for supporting the foreign exchange market. With insufficient natural currency supply to meet buyers' needs, the regulator regularly enters the market to sell currency, preventing a supply shortage that could increase pressure on the exchange rate.