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Romanian Leu Rises Vs Euro, Exch Rate Hits 12-Mo High At RON4.1167

The Romanian leu gained soundly against the euro in mid trade Friday, attuned to the region, and the central bank’s reference rate moved to touch a one-year high at RON4.1167 per euro.
Romanian Leu Rises Vs Euro, Exch Rate Hits 12-Mo High At RON4.1167
15 ian. 2010, 13:26, English

A stronger rate, of RON4.072 per euro, was set on January 7, 2009.

For the US dollar, the indicative reached RON2.8609, down 0.5% on the day, driven by the greenback’s strong appreciation on the international markets.

The leu opened slightly lower on the day at RON4.130/4.133 to the euro, but started to gain after the first trading hour, tracking the currencies in the region.

At around GMT1100, the leu traded at RON4.115/RON4.117 per euro, after it touched an intraday high at RON4.107 per euro.

„Probably the most important local event that heightened the leu was the adoption of the budget law Thursday evening. Large part of the impact has worn off, but the risk appetite remains strong,” ING Bank economist Vlad Muscalu told MEDIAFAX.

The leu is likely to rise further if JPMorgan’s results top market expectations, he added. US top lender JPMorgan Chase is due to release its results for 2009 later today.

On the money market Friday, overnight rates were at 3.4%-3.9% a year, down on the day.