February 5, 2015 / 1:32 PM / 3 years ago

Hryvnia plunges 30 pct after Ukraine stops hard currency auctions

MOSCOW, Feb 5 (Reuters) - Ukraine’s hryvnia was trading at between 24 and 25 hryvnias against the dollar on Thursday, down about 30 percent from yesterday’s close after the central bank said it would no longer peg the rate at foreign currency auctions, traders said.

According to Reuters data, the hryvnia was trading at 18.97 against the dollar or 23.90, but traders said the true level was much weaker.

“The market is increasingly active, but from the side of buyers (of foreign currency). There are not many sellers. The true level now is 24 or 25. I cannot say if there are real deals, but they were the live quotes,” said one trader.

“The official rate does not yet reflect the real picture, it’s far from it.” (Reporting by Natalia Zinets, writing by Elizabeth Piper, editing by Lidia Kelly)

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