Ukraine's Central Bank Announces Massive Rate Hike

Ukraine's central bank raised discount rate to 9.5% from 6.5%.

The Ukrainian hryvnia (UAH) is down 3.3% against the U.S. dollar today. It's down 32% against the greenback year-to-date.

Rising geo-political tensions between Ukraine and Russia, which annexed Crimea, have weighed on the hryvnia.

The UAH is heavily dependent on Russian financing and these tensions have weighed on the currency, and the slide in currency is also expected to make its debt burden more expensive.

Here's a look at how the UAH has been trading against the greenback today: