Midday Forex: EUR/RON touches new high

The National Bank of Romania set a reference rate of 4.3526 lei versus euro – a new record low for the national currency after hitting an all-time high yesterday of 4.3257 lei versus euro.

The central bank set a reference rate of 4.3523 lei/euro, 0.61% above yesterday level. The national currency dropped against its US counterpart as well, by 2% to 3.5697 lei/dollar.

Dealers say the leu could fall further even though it traded higher in the inter-bank market today. Even if there is no direct connection with the performance of other currencies in the region, the leu should take up the regional trend soon, but as long as there is no clear response from the International Monetary Fund, the national currency could touch to new lows.

“The National Bank of Romania hasn’t intervened in the local market at the end of June”, said Nicolaie Chidesciuc, senior economist at ING Bank.

In the region, currencies also dropped against their European peer. The Polish zloty moved higher in the early trades from 4.1483 to 4.10 zloty/euro, and dropped afterwards to 4.1245 zloty/euro. The Hungarian forint fell 0.44% to 287 forints/euro in midday trading, after rising to 286.30 forints/euro.

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