Temporary Currency-trading Ban Sends Ukrainian Hryvnia Higher

The Ukrainian hryvnia recovered from an all-time low against the dollar Wednesday after Ukraine's central bank introduced a three-day ban on Ukrainian companies buying foreign currency through the country's banks. The hryvnia traded at 28 to the dollar, compared with 32.5 to the dollar, its closing level from Tuesday's session. After the new capital controls were announced, UKrainian Prime Minister Arseniy Yatsenyuk called for an emergency session of Parliament with the hope of approving new financial and economic laws that would help it secure much-needed financing from the International Monetary Fund, according to The Wall Street Journal. The hryvnia has lost about half its value against the dollar this year as the conflict with Russia-backed separatists swallowed more territory in east Ukraine. The central bank's measure also limited banks' purchases of foreign currency to 0.5% of their total capital.