KIEV, Ukraine—The value of Ukraine’s battered hryvnia plunged still further Tuesday while the flow of transactions slowed sharply.

The currency lost some 6% against the dollar, which climbed as high as 15.77 while trading was lighter than usual, according to data from the central bank.

The struggling Ukrainian currency has roughly halved in value this year. Last week, the National Bank sent the hryvnia into a free-float, expecting the rate to eventually stabilize and bridge the gap between the official rate and other less favorable rates at which the deals are conducted.

The central bank has imposed multiple temporary restrictions on people and businesses to stabilize the currency.

In a meeting with the heads of the largest banks on Monday, central bank officials decided to continue monitoring the exchange rate for another week, in the hope signs that official and unofficial rates would show signs of converging.