KIEV, June 27 - The real effective exchange rate of the hryvnia strengthened by 0.29% in May, which somewhat reduced the competitiveness of Ukrainian producers, the Economy Ministry reported on its official Web site.

"The real effective exchange rate revaluated by 0.29% in May. The main factors that influenced the revaluation of the real effective exchange rate were the revaluation of the hryvnia exchange rate as to euro and Russian ruble, with the exchange rate to the US dollar stable, [and a] the higher inflation rate in Ukraine compared to the eurozone," the report reads.