Foreign purchases contributed to the hryvnia appreciating 1% against the dollar last week and 5.2% so far this year.

To hold the line at 27 hryvnia to the dollar, the National Bank of Ukraine bought $375 million in dollars last week. ICU writes: “This week, we expect foreigners to invest more funds in local-currency debt, causing the hryvnia to appreciate further toward UAH26.5/US$.”