Ukraine’s currency, the hryvnia, fell a further 1% to 29.4 against the dollar on Wednesday, extending the corresponding losses yesterday amid growing fears of a Russian military invasion of the country, according to data from Refinitiv, according to Reuters. .
The hryvnia is now at its lowest level since February 2015, when fierce fighting between Ukrainian troops and Russian-backed separatists in the east of the country caused the currency to fall. The hryvnia has weakened by about 8% since the beginning of 2022, according to Refinitiv.
Ukraine is preparing for a possible Russian invasion following Moscow’s official recognition of two breakaway regions of eastern Ukraine as independent and the announcement that it will send troops to the region.
Meanwhile, the Security Council of Ukraine, chaired by President Volodymyr Zelensky, decided on Wednesday to impose a state of emergency in the country.
The government and the central bank have said the state of emergency will not disrupt business and economic activity.
Source: Capital
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