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Romanian Leu Firms Vs Euro, Ends At Fresh 12-Mo High

The Romanian leu widened its gains against the euro in late trade Friday and touched a fresh one-year high at RON4.0965 to the European currency toward closing, fueled by heavy forex sales from foreigners.
Romanian Leu Firms Vs Euro, Ends At Fresh 12-Mo High
15 ian. 2010, 18:26, English

The leu ended at RON4.0965/RON4.0985 per euro, up nearly 0.7% from RON4.1245/RON4.1290 per euro on Thursday.

Romania’s leu opened slightly weaker on the day at RON4.130/4.133 to the euro Friday, but started to gain after the first trading hour, tracking the currencies in the region.

According to dealers, the leu’s appreciation was partly fueled by the adoption of 2010 budget Thursday evening, a move that will allow Romania unlock new disbursements in foreign aid.

On Friday, the International Monetary Fund and the European Commission announced a mission will arrive to Bucharest January 20 to assess the country’s compliance with the terms of a EUR20 billion multilateral loan package.

Romania’s central bank set a reference rate of RON4.1167 per euro, the highest since January 7, 2009.

On the money market Friday, overnight rates fell slightly 3.37%-3.87% a year, on liquidity surplus.