Romania Leu Falls Vs Euro On Growing FX Demand

Romania’s leu widened early losses against the euro in late trade Thursday, pushed by heavy demand for euros, and closed 0.26% weaker on the day at 4.249/4.25 units.

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Wednesday, the leu closed at 4.238/4.239 per euro.

The leu opened flat at 4.238/4.240 to the euro but further lost ground, hitting the day's low at 4.2575 to the euro.

According to dealers, the central bank might have stepped in to prevent the leu from depreciating too much against the European common currency.

Elsewhere in the region, the leu's peers moved in opposite direction and gained 0.3% on average against the euro.

Romanian central bank set the leu's reference at 4.246 units, 0.2% weaker on the day.

On the money market Thursday, overnight rates were flat at 4.5%-5% a year.

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