The motherland monument in Ukraine

Ukraine Exchange Rate April 2020

Ukraine: Hryvnia plummets amid global emerging market sell-off

The Ukrainian hryvnia (UAH) plummeted against the U.S. dollar over the past few weeks, amid fears over the escalation of the Covid-19 health crisis and its impact on activity. The currency ended 3 April at UAH 27.57 per USD, marking a 9.7% depreciation over the same day in March. Furthermore, the currency was down 1.3% year-on-year and 14.0% year-to-date.

The robust gains made by the hryvnia last year were swept away in March as foreign investors ditched Ukrainian bonds amid the global capital flight triggered by the Covid-19 pandemic. In an attempt to stem the fall of the currency, the Central Bank intervened in currency markets in March, selling USD 2.2 billion.

Going forward, the hryvnia is expected to regain ground as the health crisis subsides. A new three-year deal with the IMF expected to be ratified later in April should boost confidence among investors looking to benefit from a high interest rate differential; however, it will take time for capital inflows to return to pre-pandemic levels as global uncertainties linger.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest