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The hryvnia is getting stronger against the backdrop of reports on local budgets' growing revenue.
Senior analyst at Forex Club Andriy Shevchyshyn says the forex rate of the hryvnia, Ukraine's national currency, will tend to an equilibrium point in the near-term outlook after strong strengthening below UAH 25 per U.S. dollar and bouncing back to UAH 25.75.
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"Destabilization in global commodity markets may become a factor of pressure. A steep decline in steel and ore prices will put pressure on the [hryvnia] rate," he told the Ukrainian online news outlet Obozrevatel on August 8.
In particular, fluctuations of the national currency are expected within UAH 25.2-UAH 25.5 per U.S. dollar.
The hryvnia is getting stronger against the backdrop of reports on local budgets' growing revenue, which increased by 20.7% over the year, he added.
"During January-July 2019, the local budgets received US$5.9 billion. In the seven months of 2018, some US$4.9 billion was transferred to the local budgets," the expert summed up.
As UNIAN reported earlier, international expert in economy, Chairman of NGO National Interest of Ukraine Ihor Garbaruk predicts the hryvnia is expected to weaken against the U.S. dollar after its significant strengthening since the beginning of the year.