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UPDATE 1-Ukraine cbank: will defend hryvnia from speculation

Published 01/15/2010, 08:15 AM
Updated 01/15/2010, 08:18 AM

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KIEV, Jan 15 (Reuters) - Ukraine's central bank said on Friday speculation has appeared on the interbank market over uncertainty linked to Sunday's presidential election but it will use various means to defend the hryvnia currency.

The hryvnia slipped between Monday and Wednesday to 8.20-8.22 per dollar from 8.05-8.06 but has strengthened to trade at 8.075-8.175 on Friday after the central bank sold dollars on the interbank market.

"A situation has appeared linked to political, psychological factors and we, as regulators are regulating with the instruments available and we think we will correct this," Central Bank Spokesman Serhiy Kruglyk told Reuters.

"It is not good that several banks are trying to put speculative pressure on the market," he said. "One of the instruments is intervention on the interbank market. In the past two days...we sold over $110 million and we continue on Friday.

Ukraine holds its first presidential election since the 2004 "Orange" Revolution on Sunday. Former Prime Minister Viktor Yanukovich and current premier Yulia Tymoshenko are expected to pass through to a second round of voting on Feb. 7.

Analysts have said President Viktor Yushchenko, swept to power by the mass protests of 2004, is unlikely to win re-election.

The central bank intervened on an almost daily basis throughout 2009 to stem the hryvnia's fall against the dollar after the national currency plunged over 60 percent at the end of 2008 due to a dramatic fall in export revenues. (Reporting by Natalya ZInets; writing by Sabina Zawadzki)

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