Midday forex: Leu rises on Eurobonds gain

The national currency rose against its European counterpart in the morning buoyed by the positive assessment of the Romanian economic conditions by the European Commission and the disbursement of the second tranche by the EU coupled with the €1bln yield of Eurobonds issuing.

“The leu may grow up to a point that may concern the central bank. NBR governor said a sharp appreciation of the leu would put a dent on exports and economic growth. However, the national currency may lose steam ahead of the weak performance of certain indicators in the U.S.”, ING said in a report.

The National Bank of Romania set a reference rate of 4.0929 lei/euro, down 0.14% from Thursday’s rate of 4.0987 lei/euro.

The leu climbed in the morning in the inter-bank market from 4.0960 to 4.0910, but dropped afterwards to 4.0940 units/euro.

In the region, the Polish zloty increased from 3.9020 to 3.8860 zloty/euro, but fell modestly near opening rates. The Hungarian forint grew in the early trades from 266.50 units/euro, but fell afterwards.

For the US dollar, the central bank set a reference rate of 2.9703 lei/dollar, down 1.03% from Thursday’s rate of 3.0013 lei/dollar.

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