Ukraine's Hryvnia Hits Record Low Amid Rising Hard Currency Demand

Ukraine's central bank has set the official hryvnia currency rate at a new low of 40.5 per U.S. dollar as of May 31. This comes amid increasing demand for hard currency driven by the government's military expenditures and record electricity imports. Traders anticipate continued easing of the hryvnia in the coming weeks.

Ukraine's central bank set the official hryvnia currency rate at a new low of 40.5 per U.S. dollar for May 31, it said on Thursday.

The demand for hard currency has been growing in recent weeks due to the government's military purchases and record electricity imports, traders said. They expect the local currency to continue easing in the coming weeks.