NBR had posted a benchmark exchange rate of 4.2096 lei per euro yesterday.

The leu floated within a small range in the early trades, near to 4.21 – 4.2150 a euro, and at 1:15 p.m. banks were buying a euro with 4.2115 lei and selling it for 4.2185 lei.

The board of NBR decided yesterday to slash the interest rate from 9 to 8.5 percent a year, in line with expectations, but surprised the market by reducing the required reserve ratio for fx-denominated liabilities from 35 to 30 percent.

In the region, the Polish zloty fell from 4.0988 to 4.1246 versus the euro and the inched to 4.10, while the Hungarian forint lost from 265.73 to 267.52 per euro and then came back to 266.50.