USD exchange rate is forecasted within 27.80-28.05 UAH, - OTP Bank analysts
The USD rate fluctuations may reach 27.80-28.05 UAH/USD this week until April 2, OTP Bank analysts consider.
According to them, the market did not expect such a strong movement of the rate. That could stem from the global market influence and the USD growth against all the currencies. Also, the increase in the USD/UAH exchange rate coincided with the government bonds retirement in non-residents' portfolios and future VAT payments, to which the market reacts in advance. "In addition, sellers, having the expectations of the rate growth, suspend sales and take observer positions. Whereas panicky buyers who had postponed their contracts until the best rate earlier, on the contrary, made harsh buying decisions, realizing that the rate went up," OTP Bank analysts note.
At the same time, they do not exclude the further increase in the rate up to 28.00-28.10 UAH / USD over the expectations of UAH weakening of the hryvnia amid large VAT re-payments. After that, in their opinion, one should expect a seasonal UAH strengthening of the hryvnia down to 27.50-27.60 UAH/USD with possible fluctuations within 27.50-28.00 UAH/USD.
Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.