Ukrainian currency at all-time low against the dollar

The Ukrainian currency is currently trading a historic low of 6.877 UAH to the dollar. The drop has been caused by a run on the banks with many Ukrainians, fearful of economic collapse, converting their money into dollars and other foreign currencies.

Ukraine has been hit particularly hard by the global credit crunch and a rapid fall in demand for its steel, one of its major exports. Many Ukrainians also have bitter memories of losing their savings in financial chaos of the early 1990s.