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Romanian Leu Up Vs Euro, Unlike Emerging Mkts Trend

The Romanian currency followed Friday an ascending trend against the euro, contrary to the regional trend on an alleged intervention of the central bank, which might have stepped into the forex market to sell euro, dealers said.
Romanian Leu Up Vs Euro, Unlike Emerging Mkts Trend
28 nov. 2008, 18:20, English

The leu closed at RON3.7725/RON3.7750 against the euro, stronger compared with RON3.8350/RON3.8390 against the euro at the end of Thursday’s trading session.

“Currencies in the region registered a slight depreciation versus the euro, while the Romanian leu strongly appreciated against the euro, as the central bank stepped again into the market to sell euros,” a dealer with a foreign bank based in Bucharest said.

The central bank computed Friday an indicative of RON3.7794 to the euro, RON0.768 higher compared with Thursday’s value of RON3.8580 to the euro.

On the money market, overnight rates were at 13.69%-15.03% a year, while weekly rates stood at 13.79%-15.26% a year.