UAH undervalued?

According to the Big Mac index it is!

http://www.ukrinform.ua/eng/order/?id=193577

This paper argues that the data say that 'After accounting for currency-specific constants, a 10 percent undervaluation according to the hamburger standard in one year is associated with a 3.5 percent appreciation over the following year.'

This paper has a similar conclusion.

Also worth reading is this paper