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Romanian Leu Recovers Early Losses, On Weaker US Dollar

The Romanian currency appreciated against the euro in mid-trade Wednesday, due to the appreciation of the euro against the US dollar, recovering from its losses in early trades, dealers said.
Romanian Leu Recovers Early Losses, On Weaker US Dollar
05 nov. 2008, 14:12, English

In mid-trade, the leu was traded at RON3.6850/RON3.6890 to the euro, after it touched earlier a minimum of RON3.7150/RON3.7170 against the European currency.

Before sliding due to a depreciation of the European currency, the leu opened at RON3.68/RON3.6850 against the euro, similar with Tuesday’s closing value of RON3.6820 versus euro.

“The euro slightly recovered from its loss against the dollar, leading to a similar evolution of the Romanian leu against the euro. A weaker dollar automatically means stronger emerging currencies,” a dealer with a foreign bank based in Bucharest said.

On the monetary market, overnight and weekly interest rates were at 14.03%-17.53% a year.

The central bank computed Wednesday an indicative of RON3.6829 against the euro.