29 Aprilie 2010
Midday Forex: Greece uncertainty pushes leu lower
The National Bank of Romania set a reference rate of 4.1430 lei/euro today, up 0.45% from yesterday, as Greece debt problems sent shock waves across currency markets across the world, with emerging currencies bearing the brunt of it.
Yesterday, NBR set a reference rate of 4.1246 lei/euro.
The leu opened lower today, near 4.14 units against its European counterpart, and after a choppy trade, it remained above this threshold. At around 13:10, a euro was trading for 4.1440 lei.
In the region, the Polish zloty slumped to near 3.95 units/euro, while the Hungarian forint dropped to 272.3 units against euro, only to recoup afterward to 270 units/euro, after giving up 1.3% and 2.6% respectively yesterday.
However "leu's apparent resilience is most likely the result of a round of interventions from the central bank", ING said in a report, estimating that the "leu may drop further".
"Nevertheless, after the heavy losses in the previous session, a correction is not to be ruled out, but for the moment, there is no actual reason to push leu higher, except for this technical detail", ING said.
For the US dollar, the National Bank of Romania set a reference rate of 3.1416 lei/dollar, up 1.47% from yesterday.
The leu opened lower today, near 4.14 units against its European counterpart, and after a choppy trade, it remained above this threshold. At around 13:10, a euro was trading for 4.1440 lei.
In the region, the Polish zloty slumped to near 3.95 units/euro, while the Hungarian forint dropped to 272.3 units against euro, only to recoup afterward to 270 units/euro, after giving up 1.3% and 2.6% respectively yesterday.
However "leu's apparent resilience is most likely the result of a round of interventions from the central bank", ING said in a report, estimating that the "leu may drop further".
"Nevertheless, after the heavy losses in the previous session, a correction is not to be ruled out, but for the moment, there is no actual reason to push leu higher, except for this technical detail", ING said.
For the US dollar, the National Bank of Romania set a reference rate of 3.1416 lei/dollar, up 1.47% from yesterday.