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Romania Leu’s Exch Rate Hits Fresh Record Lows Vs Euro, Greenback

Romania’s leu recouped part of its early losses versus the euro in mid trade Tuesday, but the exchange rate sank to new historic lows against both the euro and the greenback.
Romania Leu’s Exch Rate Hits Fresh Record Lows Vs Euro, Greenback
29 iun. 2010, 13:33, English

The leu’s indicative lost 0.6% on the day at 4.3523 to the European common currency.

Against the US dollar, the leu’s reference rate retreated 2% at 3.5697 units, from 3.4996 units Monday.

Romania’s currency opened at 4.38 per euro Tuesday, lower on the day, and further lost ground to hit a record low at 4.392 per euro in early trade.

It later recovered somewhat and traded at 4.337 to the euro, with dealers suspecting the central bank stepped in to support the national currency.

At around GMT1000, the leu traded at 4.357/4,359 per euro.

According to dealers, the leu’s slightly appreciation was due to favorable market analyses from top lenders BRD-Societe Generale (BRD.RO) and ING Bank Romania, which estimated the leu will set at around 4.2/4.3 per euro in the coming period.

On the money market Tuesday, overnight rates were at 5.9%-6.4% a year, little changed on the day.