Citing traders, the WSJ reports the U.S. dollar was above 9.00 against Ukraine's hryvnia, a level not seen since February 2009.
Ukraine has been in political chaos in recent months with anti-government protestors clashing with police since November, which was when President Viktor Yanukovich walked away from a controversial trade deal with Europe.
"Russia, which bought $3 billion of Ukrainian bonds in December, has delayed the next tranche of aid to ensure its neighbor doesn't reverse President Viktor Yanukovych's rebuff of an EU cooperation deal," reported Bloomberg's .
Bloomberg reports that the country's foreign currency reserves fell to around $18.8 billion in January from around $20.4 billion in December.
As the country spirals deeper into financial turmoil, the local currency and bonds have come under immense pressure.