The National Bank of Ukraine set the official exchange rates for Friday, September 4, 2026, and both key currencies rose compared to the previous day. The US dollar gained 12 kopecks and now stands at 44.72 UAH, whereas on September 3 its official rate was 44.60 UAH. The euro rose noticeably more — by as much as 29 kopecks, to 51.93 UAH, versus 51.64 UAH the day before. Thus, in a single day the euro strengthened against the hryvnia almost twice as much as the dollar, indicating a shift in expectations on the foreign exchange market.

What is behind the sharp rise in rates

Financial analyst Andriy Shevchishyn, in a comment to RBC-Ukraine, explained the acceleration of the rise by the accumulation of negative factors that intensify pressure on the currency market. Among them he cited problems related to attacks on port infrastructure, as well as the consequences of large-scale Russian shelling for business, logistics, and retail. In his words, these factors directly affect currency turnover in the economy and demand from importers and businesses.

The role of external financing and NBU policy

A separate factor, according to the expert, is the uncertainty over external financing of Ukraine due to the question of fulfilling obligations to the European Union and the International Monetary Fund. In his assessment, this may affect market expectations regarding the rhythm of international aid inflows, and thus the rate dynamics as well. Shevchishyn also noted that some of the negative factors were known to the market in advance, however, the noticeable rise in rates began precisely now, and the situation is additionally influenced by the National Bank's currency policy, which has real-time data on the state of the market and can adjust its actions.

Contradictory data

Publications by different media outlets show a discrepancy in interpreting the dynamics. A number of media describe the rate movement as a "sudden" and rapid upward jump, emphasizing its unexpectedness for the market. At the same time, analyst Shevchishyn points out that most of the negative factors were known to the market earlier, and the sharp rise began only now, which indicates a cumulative rather than spontaneous nature of the process. Thus, the difference lies not in the figures (all sources agree on 44.72 UAH for the dollar and 51.93 UAH for the euro), but in the assessment of the causes and the speed of the market's reaction.

The bottom line for market participants

For businesses and the public, the key takeaway is that the official rate on September 4 recorded a sustained strengthening of both currencies, with the euro gaining substantially more. According to experts, further dynamics will depend on the state of port and logistics infrastructure, as well as on the clarity of external financing flows and the actions of the National Bank, which may adjust the rate in response to the real-time picture of the market.