Midday Forex: Leu slumps after exit of PSD from ruling coalition

The official exchange rate set by the National Bank of Romania soared 1.22 percent to 4.2495 lei per euro, as President Traian Basescu's decision to dismiss the Interior Minister Dan Nica and PSD announcement of exiting the ruling coalition has exerted pressure on the national currency, NewsIn informs.

NBR yesterday reported an exchange rate of 4.1981 lei per euro.

Traian Basescu agreed the removal of Nica from his post this morning and appointed Vasile Blaga as interim deputy PM and Interior Minister. Soon after that, the head of Social-Democratic Party (PSD) Mircea Geoana said the social-democrat ministers are leaving the government.

The euro was traded for 4.2150 lei at rising bell and soared above 4.23 after Basescu's announcement. The leu inched slightly at noon, but soon started to plunge gradually to almost 4.27 per euro. At 1:15 p.m. banks were buying a euro with 4.2582 lei and selling it for 4.2673 lei.

For the U.S. dollar, NBR’s exchange rate rose 1.9 percent to 2.9163 lei per dollar, from 2.8619 in the previous session.

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