Dnipro hit back immediately, levelling the sides within four minutes with a penalty of their own. David Pizarro was the guilty party having handled inside the box, and Seleznyov made no mistake with his spot kick.
The visitors regained their lead with a little over 15 minutes remaining as Massimo Ambrosini finished off a good move from close range for his first goal for the club.
Dnipro's hopes of rescuing a dramatic late draw were given a boost in the 86th minute when Pizarro was shown a second yellow card for a tackle on Bruno Gama, having picked up his first caution when giving away the penalty.
The hosts couldn't find a late goal, however, as Fiorentina took sole control of Group E.