Ukraine currency hits record low amid uncertainty

AP News
Posted: Feb 25, 2014 12:24 PM
Ukraine currency hits record low amid uncertainty

KIEV, Ukraine (AP) — Ukraine's currency has tumbled to an all-time low against the dollar amid uncertainty over the country's political and financial future.

The hryvnia was down 7 percent at one point Tuesday, to 9.8 hryvnia per dollar, according to financial data provider FactSet. By late afternoon in Europe, it was down 6 percent at 9.71 per dollar.

Violent political protests caused the president, Viktor Yanukovych, to flee the capital. Parliament speaker Oleksandr Turchinov, who was named interim leader, has delayed the formation of a new government. The uncertainty over the country's direction is causing investors to shy away from its currency and financial markets.