In brief

• The National Bank of Ukraine set the official dollar rate at 45.67 hryvnia, the highest since the start of its rate records.
• The hryvnia weakened against the dollar by 14 kopecks and against the euro by one kopeck.
• For Polish companies settling payments with Ukraine, the exchange rate affects payment costs and currency risk.

New dollar record

Compared with the previous rate, the hryvnia weakened by 14 kopecks (Долар знову зріс: НБУ оприлюднив офіційний курс валют 4 листопада – unian.ua). The bank reported that this is the highest official dollar rate since these measurements began (Курс долара та євро НБУ на 4 листопада – скільки коштує валюта за офіційними даними | РБК-Україна – rbc.ua).

Euro almost unchanged

The hryvnia lost only one kopeck against the European currency. The main movement in the rate therefore concerns the dollar.

Interbank market rate

On the interbank currency market at 16:00, the dollar was quoted in the range of 45.61–45.66 hryvnia and the euro in the range of 51.01–51.05 hryvnia. The official rate is therefore slightly higher than the afternoon market quotations.

Exchange offices

At exchange offices on 3 November, the average buying rate for the dollar was 47 hryvnia and the selling rate about 46.70 hryvnia. The euro cost on average 52.30 hryvnia when buying and 51.90 when selling. The difference between the official rate and the exchange office rate is significant, so it is worth taking into account when exchanging larger amounts.

Why the hryvnia is weakening

The reasons for the weakening of the hryvnia were not clearly identified in the available materials. What is known is that the pace of the hryvnia's decline against the dollar accelerated in the autumn.

What it means for companies settling with Ukraine

For Polish entrepreneurs settling with Ukrainian counterparties, the conversion rate of the hryvnia to the dollar and euro matters because it affects purchase and payment costs. With a more expensive dollar, payments denominated in that currency are higher on the Ukrainian side when expressed in hryvnia, and exchange rate fluctuations increase currency risk in settlements.