7 Ianuarie 2010
Midday Forex: Leu touches 7-month high against euro
The leu surged to a seven-month high versus euro to 4.1620 at the reference rate set by the National Bank of Romania, up 1.09% after massive buy orders.
The leu rose to the highest level versus euro since May 19, 2009, when the central bank posted a reference rate of 4.1548 lei/euro. Yesterday, the RON/EUR rate stood at 4.2077lei/euro.
The national currency climbed from 4.1850 to 4.15 in the morning and traded near this level afterwards. At 13:25, banks were buying a euro for 4.1569 lei and selling it for 4.1669lei.
“The leu rallied today, on massive buy orders. Investors probably want to tap the secondary market of state securities that yield higher returns after the central bank lowered the main interest rate”, a dealer told NewsIn.
In the region, the Polish zloty increased versus its European peer in the morning, pushing reference rates down from 4.1040 to below 4.09zloty/euro. The Hungarian forint gained from 270.3 to 268.87units/euro and traded near 269.5 units/euro in a narrow range.
For the US dollar, the reference rate set by the central bank fell around 0.68% to 2.8987lei/US dollar from yesterday’s rate of 2.9186 lei/dollar.
The national currency climbed from 4.1850 to 4.15 in the morning and traded near this level afterwards. At 13:25, banks were buying a euro for 4.1569 lei and selling it for 4.1669lei.
“The leu rallied today, on massive buy orders. Investors probably want to tap the secondary market of state securities that yield higher returns after the central bank lowered the main interest rate”, a dealer told NewsIn.
In the region, the Polish zloty increased versus its European peer in the morning, pushing reference rates down from 4.1040 to below 4.09zloty/euro. The Hungarian forint gained from 270.3 to 268.87units/euro and traded near 269.5 units/euro in a narrow range.
For the US dollar, the reference rate set by the central bank fell around 0.68% to 2.8987lei/US dollar from yesterday’s rate of 2.9186 lei/dollar.