What factors are driving the dollar up.
Forex market this week will remain under the influence of psychological factors caused by news of Russian aggression and will be under pressure from increased demand. The hryvnia exchange rate will fluctuate in the corridor of 28-28.5 hryvnia/dollar, reports the Chronicle.info with reference to RBC.
This was told by senior financial analyst of the ICU group Taras Kotovich.
< p>«At such exchange rate levels, the supply of foreign currency from exporters of agricultural products may increase, which will contribute to the gradual balancing of the foreign exchange market in this corridor», — Kotovich believes.
According to the expert, last week the hryvnia weakened again, mainly under the influence of psychological factors caused by statements from Russia.
After the negative news on Thursday, the depreciation accelerated, and at the end of the week, the hryvnia exchange rate reached 28.03 hryvnia/dollar, having lost 2% over the week and 2.7% since the beginning of the year. The NBU intervention slowed down the depreciation of the hryvnia.
«If we do not take into account the interventions in November last year, which were due to the issuance of Ukrenergo Eurobonds and settlements with green energy producers, then the sale of $ 331 million over the past week is the most major intervention since July 2020», — added Kotovich.
In general, according to him, the market remains dominated by demand for foreign currency, which is formed mainly by importers of energy resources and non-residents.
«And here is the supply remains quite small compared to previous months. This entails a fairly large and constant bias towards market demand among bank customers. This excessive customer demand has to be satisfied by the NBU and banks», — summed up the analyst.