However, the leu started to gain ground modestly at noon to an official exchange rate of 4.22 lei/euro. At 13:25, banks were buying a euro with 4.2125 lei and selling it for 4.2225lei.
“The results that showed Basescu winning have sparked a sharp fall of the local currency. The news came as a surprise to the market that didn’t grasp it as positive. In addition, the aversion to the leu’s regional peers acted as a catalyst to the downward trend in the region”.
FX traders say the central bank intervened indirectly in the market at noon to counter a collapse of the leu, as a handful of large leu selling orders were lifting exchange rates in the first part of the day.
The benchmark exchange rates posted by the National Bank of Romania climbed 0.19% to 4.2141 lei/euro from the two-month low 4.2062lei/euro.
In the region, the forint fell from 268.25 to around 270 units/euro in the morning, and gained ground afterwards to 269.5 units/euro. The Polish zloty dropped from 4.045 to 4.08units/euro, and traded within a narrow band around 4.07units/euro.
Versus its US peer, the leu lost 1.85% at the official exchange rates, from 2.7931lei/US dollar to 2.8449lei/dollar.
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