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Romanian Leu Further Gains Vs Euro, Mirrors Emerging Mkts

The Romanian leu further strengthened against the euro on Tuesday, mirroring emerging markets, amid high traded volumes, dealers said.
Romanian Leu Further Gains Vs Euro, Mirrors Emerging Mkts
08 iul. 2008, 19:11, English

The leu closed at RON3.5715 to the euro Tuesday, up from RON3.5910/3.5930 at Monday’s closing. 

The Romanian leu opened slightly higher against the euro Tuesday, at RON3.5860/RON3.5880 to the euro. It touched a day’s high at RON3.5650 against the euro in end-trade.

"The leu further gained against the euro, mirroring the emerging markets. Several foreign investors placed many foreign currency-buying orders in the second part of the trade, strengthening the leu.

Thus, the traded volumes were over the average of a usual trade," a dealer said.

On the money market, overnight rates were at 9.58% – 10.08% on the year.

The central bank computed an indicative daily average rate of the leu at RON3.5934 to the euro, touching a two-and-a-half-month high, and RON2.2861 against the US dollar.